Top Executive Resigns From Alico, Successor Named
LA BELLE, Fla. (AP) ¿ Land management company Alico Inc. on Tuesday said its president and principal executive officer resigned, and it named the company's vice chairman as its new CEO.
The company did not give a reason for the resignation of Steven M. Smith, 48, who was principal executive officer since November 2008 and worked for the company since 1994.
He was replaced by JD Alexander, 50, vice chairman of Alico's board, who was named president and chief executive officer.
Alexander is the son of the company's chairman, John R. Alexander, and has been a member of the Florida State Senate since 2002.He is also president and chief executive officer of Atlantic Blue Group Inc., which holds about 51 percent of Alico's common stock. He intends to retain that position, the company said. As CEO, Alexander will not receive additional compensation beyond his normal compensation as a director, the company said. According to a regulatory filing last month, JD Alexander received stock awards worth $63,750 at the time they were granted in 2009, but no fees or other compensation. The awards were in lieu of cash payments for his service as a director. Alico owns about 135,500 acres in five Florida counties. It is involved in agribusiness, mining, real estate sales and property leasing. The company's lightly traded shares closed Tuesday down 33 cents at $26.13.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV