Bruce Berkowitz’s Fairholme Capital forces CEO and board reshuffle at St. Joe Company
|March 3rd, 2011||
|The St. Joe Company (NYSE: JOE), a Florida-based real estate developer, announced Monday that CEO Britt Greene has resigned from his position on the Board of Directors effective immediately. He will step down from his positions as President and CEO of the company later this week. Three other members of the Board of Directors, Michael L. Ainslie, John S. Lord, and Walter L. Revell have also agreed to step down from their board positions later this week, citing they were “recognizing the desire of St. Joe shareholders for the company to pursue a different course.” |
The move was pushed through by Bruce Berkowitz, founder and Chief Investment Officer of Fairholme Capital Management LLC. Fairholme has owned a near 30% stake in St. Joe Company for a few years now. Mr. Berkowitz has always been famously bullish on St. Joe, even going so far as to challenge Greenlight Capital’s David Einhorn on his short position in St. Joe last year by buying more shares in the company. St. Joe rewarded Mr. Berkowitz for his support with seats on the Board of Directors for himself and partner and President of Fairholme Capital, Charlie Fernandez.
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