The Real Deal New York

Behind Vornado CEO Michael Fascitelli’s departure

Did the longtime exec leave of his own volition?
By Hiten Samtani | April 05, 2013 10:30AM

From the April issue:  Investors and analysts listening in on Vornado Realty Trust’s recent fourth-quarter earnings call were taken aback when, instead of hearing the raspy, Rhode Island accent of CEO Michael Fascitelli, they were greeted by the booming New York voice of chairman Steven Roth.

What followed was largely unexpected, even among the company’s closest followers. Roth announced that Fascitelli, Vornado’s longtime golden boy, would be stepping down this month. [more]