ST. JAMES, N.Y., Feb. 14, 2013 /PRNewswire/ -- Gyrodyne Company of America, Inc. (NASDAQ: GYRO) announced today that it has completed its previously-disclosed Chief Executive Officer search process and has appointed Frederick C. Braun III as its new President and Chief Executive Officer, effective February 25, 2013. Mr. Braun is currently the Chairman of the Brookhaven Industrial Development Agency, a public benefit corporation of the State of New York that assists in the acquisition, construction, reconstruction, and equipping of commercial and industrial facilities. He has served in such capacity for approximately 25 years. From 2000 to September 2009, Mr. Braun served as Executive Vice President of State Bank of Long Island, a commercial bank subsidiary of State Bancorp, Inc., which was acquired by Valley National Bancorp effective January 1, 2012.
In connection with the appointment of Mr. Braun as President and Chief Executive Officer, Gary J. Fitlin, who had been serving as interim President and Chief Executive Officer since September 2012, resigned from such position, effective as of February 25, 2013. Mr. Fitlin will continue to serve as the Company's Chief Financial Officer and Treasurer, a position he has held since joining the Company in October 2009.
Gyrodyne also announced that it and the Company's financial advisor, Rothschild Inc., agreed upon a reduced monthly advisory fee for February, an optional advisory fee for March (in the Company's discretion) and no monthly advisory fees thereafter. Except as so modified, Gyrodyne's engagement letter with Rothschild remains in full force and effect and Rothschild continues to serve as the Company's financial advisor to help the Company and its Board maximize shareholder value, assist in structuring and evaluating potential transactions and/or one or more distributions, participate in negotiations relating to any transaction and solicit and evaluate indications of interest.