Oct. 13 (Bloomberg) -- St. Joe Co., the largest private landowner in northern Florida, promoted Park Brady to chief executive officer, the company said in a regulatory filing.
Brady, 64, joined Watersound, Florida-based St. Joe in March as chief operating officer, after a management shakeup driven by the company’s largest shareholder, Bruce Berkowitz, founder of Fairholme Capital Management LLC.
Brady won’t receive additional compensation for his new job, the company said. In March, St. Joe said Brady would be paid $750,000 a year plus benefits. He was previously president and CEO of ResortQuest International LLC, a Fort Walton Beach, Florida-based unit of hotelier Wyndham Worldwide Corp.
St. Joe’s previous CEO, Britt Greene, resigned Feb. 28 along with three board members after Berkowitz criticized their spending and corporate governance. Berkowitz, whose fund owns about 29 percent of St. Joe’s shares, was named chairman in March. In September, the board agreed to allow Fairholme to buy as much as 50 percent of the landowner’s stock.
In July, St. Joe said it was the subject of a U.S. Securities and Exchange Commission investigation for “a variety of matters,” including internal controls and financial reports. The probe was launched after David Einhorn, who runs New York- based hedge fund Greenlight Capital Inc., said the company failed to write down the value of its developments after Florida’s real estate crash. St. Joe has reported a loss for 12 of the last 13 quarters.
The filing was made after the close of regular U.S. trading. St. Joe fell 0.3 percent to $15.30 at the close in New York. The shares have lost 30 percent this year compared with an 8.1 percent decline for the Dow Jones U.S. Real Estate Index.
--Editors: Christine Maurus, Kara Wetzel
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