St. Joe Co. directors Bruce Berkowitz and Charles M. Fernandez of Fairholme Capital Management LLC, the Florida real estate giant's major shareholder, resigned from the board because of disagreements over its nominating and governance process.
Berkowitz and Fernandez also withdrew their names from consideration for election at St. Joe's next annual meeting, according to a regulatory filing. They were named directors of the Watersound-based company in December.
"We will not stand for re-election except as part of a board where the majority of the directors are committed to shareholder value, pay for performance and effective corporate governance," Berkowitz and Fernandez said in an e-mail included in the filing. "We have concluded that the current board is not in a position to propose such a slate of directors."
St. Joe, caught in an investor tug-of-war between Berkowitz and short-seller David Einhorn, last week said it had hired investment banker Morgan Stanley to look at St. Joe's options, including a possible sale of the Panhandle-focused real estate development company.