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CEO out at land developer St. Joe Co. as investor flexes muscle

Pressured by major investor Bruce Berkowitz of Fairholme Capital Management, giant North Florida landowner St. Joe Co. said Monday that CEO Britt Greene will resign from the company.

Berkowitz, whose firm is St. Joe's biggest shareholder, will join the board, along with former Gov. Charlie Crist (a Morgan & Morgan lawyer); Charles Fernandez, Fairholme's president; and Carnival Corp. chief operating officer Howard Frank.

The four will replace departing directors Michael Ainslie, John Lord, Walter Revell as well as CEO Greene. Berkowitz had resigned from the board earlier in February after disagreements over the company's compensation and governance process, and began efforts to oust some of the directors.

The company, which has lost money for 10 consecutive quarters, is the dominant real estate developer on the Florida Panhandle. St. Joe said it will hire an executive search firm to find a permanent CEO to replace Greene and to find at least one additional independent director.

CEO out at land developer St. Joe Co. as investor flexes muscle 02/28/11 [Last modified: Monday, February 28, 2011 6:51pm]
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