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COPYRIGHT 2004 The Miami Herald
Byline: Douglas Hanks III
Jun. 25--Lennar's new chairman of the board, Robert Strudler, sits high on the corporate ladder at the home-building company, but he's never reached the top. Chief Executive Stuart Miller still holds that position.
Which is why shareholder advocates said Thursday that they were surprised to hear that Strudler, the 61-year-old chief operating officer, had been named chairman.
Miller, 46, controls the Miami-Dade company through his family's stock holdings. The new arrangement will have him reporting to a board led by a former subordinate.
"I've never seen that before," said Herbert Denton, president of the Providence Capital investment fund, which specializes in corporate-governance issues.
No one familiar with Lennar would see Strudler's...
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