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.