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St. Joe board members resign

February 14, 2011 01:50PM

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]