Real estate investment trust Vornado Realty Trust (VNO: Quote) said Wednesday that President and Chief Executive Officer Michael Fascitelli has resigned from his positions. He will be succeeded by Chairman Steven Roth as the new CEO. The changes are effective April 15.
New York-based Vornado noted that Fascitelli plans to take a break, after which he will pursue new challenges. However, he will continue to serve on Vornado's board of trustees.
In a separate statement, Alexander's Inc. (ALX: Quote) said that Fascitelli resigned as the company's president, effective April 15. Steven Roth continues to serve as chairman and CEO of the company.
Paramus, New Jersey-based Alexander's is a real estate investment trust that has six properties in the greater New York City metropolitan area.
Fascitelli joined Vornado in December 1996 as president and trustee. In May 2009, he became the company's CEO. He is also president and a trustee of Alexander's and on the Board of Toys "R" Us.
After graduating from the University of Rhode Island in 1978, Fascitelli joined Bristol Myers Co. After graduating from Harvard in 1982, he joined management consulting firm McKinsey & Co. Inc.
In 1985, Fascitelli joined Goldman, Sachs & Co. (GS) in the Real Estate Department. He became partner in 1992 and was head of the real estate investment banking business. He served on the Investment Committee for the Whitehall Real Estate Fund.
Roth, aged 70, joined Vornado in April 1980 and has been chairman of Vornado's board of trustees since May 1989. He was Vornado's CEO from May 1989 through May 2009. Roth is the co-founder and Managing General Partner of Interstate Properties, and chairman and CEO of Alexander's.
On Tuesday, Vornado reported a decline in profit for the fourth quarter to $62.6 million or $0.33 per share from $69.5 million or $0.37 per share in the prior-year period. However, revenue for the quarter rose to $697.65 million from $689.96 million a year ago.
Funds from operations or FFO attributable to common shareholders plus assumed conversions was $55.9 million or $0.30 per share in the quarter, down sharply from $280.4 million or $1.46 per share in the year-ago period. The latest quarter's results include a non-cash impairment loss of $224.94 million on the company's stake in retailer J.C. Penney Co. Inc. (JCP).
In Wednesday's regular session, VNO is trading at $82.53, down $0.47 or 0.57 percent on a volume of 48,391 shares.
by RTT Staff Writer
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