WATERSOUND — St. Joe Co. Chief Executive Officer Park Brady has retired, the company announced Thursday.
Brady resigned effective Thursday, accoridng to a news release. He will stay available to St. Joe (NYSE: JOE) as a special adviser under a three-year consulting agreement. The company will search for a new chief executive officer, with the board expecting to announce a successor by the end of the year, the release said. Jeffrey C. Keil, an independent director of St. Joe since 2011, will serve as president and interim CEO during the search.
"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,” Bruce R. Berkowitz, Chairman of the Board, said in a released statement. “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."
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