WATERSOUND, Fla.--(BUSINESS WIRE)--
The St. Joe Company (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.”
“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,” said Park Brady. “I look forward to seeing the Company’s continued growth.”
Important Notice Regarding Forward-Looking Statements
This press release includes forward-looking statements, including statements regarding the Company's belief that it has built the financial stability and liquidity required for significant, sustainable success and its plans to build a region of world-class communities on unique, contiguous lands. The Company wishes to caution readers that certain important factors may have affected and could in the future affect the Company's actual results and could cause the Company's actual results for subsequent periods to differ materially from those expressed in any forward-looking statement made by or on behalf of the Company, including (1) factors that could adversely affect the Company’s liquidity and the value of its financial assets, (2) the ability of the Company to get the required permitting and regulatory approvals to develop its planned communities and (3) the Company’s ability to accurately assess the cost of developing, and the market demand for, its future communities, as well as the cautionary statements and risk factor disclosures contained in the Company's Securities and Exchange Commission filings including the Company's Annual Report on Form 10-K filed with the Commission on February 28, 2014.
About The St. Joe Company
The St. Joe Company is a Florida real estate development and operating company with real estate assets concentrated primarily between Tallahassee and Destin, Florida. The Company uses these assets in its residential or commercial real estate developments or in resorts, leisure and leasing operations or the forestry operations. More information about the Company can be found on its website at www.joe.com.
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Marek Bakun, 1-866-417-7132
Chief Financial Officer