Hugh Durden has been named acting CEO of the St. Joe Company in the wake of the resignation of Britt Greene, the real estate developer said late Friday. Durden, 68, has been chairman of the company’s board since August 2008 and will serve as CEO for no more than two months, according to a regulatory filing with the Securities and Exchange Commission. Greene resigned last week as part of an agreement with Fairholme Fund, St. Joe’s largest shareholder, and will take more than $4 million in severance. Fairholme managers Bruce Berkowitz and Charlie Fernandez, who had resigned from the board in February, were also named chairman and vice president of the company’s board of directors Friday, the filing said. [SFBJ]
Posts Tagged ‘fairholme’
Fairholme Capital Management and the St. Joe Co. are discussing the makeup of the company’s board after Fairholme’s Bruce Berkowitz began a push to elect a new board of directors of St. Joe, which is based in Watersound, Fla. Last week, Fairholme president Charles Fernandez resigned from St. Joe’s board over disagreements in the compensation and nomination of the board, among other issues. The goal of the talks is to reach “an agreement that would be in the best interests of all stockholders,” a filing released today said. St. Joe’s board is vehemently opposed to Fairholme’s plans, it said in a statement last week. [Miami Herald]
Fairholme Funds managing member and president Bruce Berkowitz and Charles Fernandez have resigned from the board of St. Joe after just six weeks. Fairholme has a 25 percent stake in St. Joe, which is one of Florida’s largest real estate developers. Berkowitz and Fernandez issued the following statement: “The two of us have discussed the situation at St. Joe and its nominating and governance process. We will not stand for re-election except as part of a Board where a majority of the directors are committed to shareholder value, pay for performance and effective corporate governance.
After working with the current Board over these past weeks, we have concluded that the current Board is not in a position to propose such a slate of directors.” St. Joe responded unfavorably to the news, saying that the resignations are “not in the best interest of all St. Joe shareholders.” [SFBJ]