St. Joe CEO retires
WATERSOUND — St. Joe Co. Chief Executive Officer Park Brady has stepped down after three years in the position, the company announced Thursday.
St. Joe Board Chairman Bruce Berkowitz said Brady leaves the company having accomplished several major goals.
"He has completed everything we hoped he would when he joined St. Joe in 2011," Berkowitz said. "He has been instrumental in focusing the company on its core development activities and in reducing operating costs and fixed expenses."
During Brady's time at St. Joe, the company completed the sale of 382,000 acres of timberland to Utah-based company AgReserves Inc. for $562 million, as well as the sale of the Jacksonville development RiverTown.
Berkowitz said the sales were transformative for the company as it moves forward with a massive 110,000-acre development plan in Bay and Walton counties.
St. Joe (NYSE: JOE) now owns a total of 182,000 acres of land, primarily in Northwest Florida.
"We are particularly pleased with his leadership in closing the successful sale of non-strategic land to (AgReserves 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," he said.
Brady's resignation was made final Thursday, but he will remain available as a special adviser pursuant to a three-year consulting agreement, officials said.
St. Joe soon will commence a search for a new CEO to implement the next stages of the company's long-term development plans, and the company aims to appoint a replacement by year's end. During the search, Jeffrey Keil, who has worked as an independent director of St. Joe for three years, will serve as interim president and CEO.
In a press release issued by St. Joe, Brady said he is proud of the company's accomplishments.
"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," he said. "I look forward to seeing the company's continued growth."
An earlier version of this story appears below:
WATERSOUND — St. Joe Co. Chief Executive Officer Park Brady has retired, the company announced Thursday.
Brady resigned effective Thursday, accoridng to a news release. He will stay available to St. Joe (NYSE: JOE) as a special adviser under a three-year consulting agreement. The company will search for a new chief executive officer, with the board expecting to announce a successor by the end of the year, the release said. Jeffrey C. Keil, an independent director of St. Joe since 2011, will serve as president and interim CEO during the search.
"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," Bruce R. Berkowitz, Chairman of the Board, said in a released statement. "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."
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