The St. Joe Company Announces Park Brady Retirement
August 14 2014 - 9:39AM
Business Wire
Company to Commence Search for a New CEO to
Lead Next Phase of Development Activities
The St. Joe Company (NYSE: JOE) today announced that its Chief
Executive Officer, Park Brady, will be retiring after three years
of dedicated service and outstanding contributions to St. Joe and
its community.
“Park retires with the gratitude and best wishes of the entire
Board of Directors. He has completed everything we hoped he would
when he joined St. Joe in 2011,” said Bruce R. Berkowitz, Chairman
of the Board. “He has been instrumental in focusing the Company on
its core development activities, and in reducing operating costs
and fixed expenses. We are particularly pleased with his leadership
in closing the successful sale of non-strategic land to
AgResources, Inc., a transformative transaction that not only
focuses St. Joe on its most valuable opportunities, but also
provides St. Joe with a strong cash position and balance sheet to
pursue those opportunities over the coming decades.”
Mr. Brady, who has resigned as Chief Executive Officer and as a
Director as of August 14, will stay available to St. Joe as a
special advisor pursuant to a three-year consulting agreement. The
Company will be commencing a search for a new Chief Executive
Officer to implement the next stages of its long-term development
plans, and the Board plans to appoint a permanent replacement by
year end. During the search, Jeffrey C. Keil, an independent
Director of St. Joe since 2011, will serve as President and Interim
CEO of the Company.
“I look forward to working with St. Joe’s very talented senior
management team during this interim period,” said Jeffrey C. Keil.
“The team has succeeded in building the financial stability and
liquidity required for significant, sustainable success. Today, we
move forward with the necessary resources to plan and build a
region of world-class communities on unique, contiguous lands that
St. Joe has owned for over 50 years.”
“I thank the Board for the opportunity to lead St. Joe over the
past three years and am very proud of what the team has
accomplished,” said Park Brady. “I look forward to seeing the
Company’s continued growth.”
Important Notice Regarding
Forward-Looking Statements
This press release includes forward-looking statements,
including statements regarding the Company's belief that it has
built the financial stability and liquidity required for
significant, sustainable success and its plans to build a region of
world-class communities on unique, contiguous lands. The Company
wishes to caution readers that certain important factors may have
affected and could in the future affect the Company's actual
results and could cause the Company's actual results for subsequent
periods to differ materially from those expressed in any
forward-looking statement made by or on behalf of the Company,
including (1) factors that could adversely affect the Company’s
liquidity and the value of its financial assets, (2) the ability of
the Company to get the required permitting and regulatory approvals
to develop its planned communities and (3) the Company’s ability to
accurately assess the cost of developing, and the market demand
for, its future communities, as well as the cautionary statements
and risk factor disclosures contained in the Company's Securities
and Exchange Commission filings including the Company's Annual
Report on Form 10-K filed with the Commission on February 28,
2014.
About The St. Joe
Company
The St. Joe Company is a Florida real estate development and
operating company with real estate assets concentrated primarily
between Tallahassee and Destin, Florida. The Company uses these
assets in its residential or commercial real estate developments or
in resorts, leisure and leasing operations or the forestry
operations. More information about the Company can be found on its
website at www.joe.com.
St. Joe CompanyInvestor Relations:Marek Bakun,
1-866-417-7132Chief Financial OfficerMarek.Bakun@Joe.com
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