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.”