St. Joe’s Brady Retiring
Company now searching for new CEO to lead next phase of developments
Park Brady, chief executive officer of The St. Joe Company, is retiring after three years of service to the company and its community.
"I thank the Board for the opportunity to lead St. Joe over the past three years and am very proud of what the team has accomplished," Brady said. "I look forward to seeing the company's continued growth."
Brady resigned as CEO and as director on Aug. 14 but will stick close to St. Joe as a special advisor per a three-year consulting agreement. Meanwhile, a new CEO will be sought.
"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," said Bruce R. Berkowitz, chairman of the board. "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."
The Company will start searching for a new CEO to begin the next stages of its long-term development plans. The board of directors plan to appoint a permanent replacement by end of the year. Meanwhile, Jeffrey C. Keil, an independent director of St. Joe since 2011, will serve as president and interim CEO of the Company.
"I look forward to working with St. Joe's very talented senior management team during this interim period," Keil said. "The team has succeeded in building the financial stability and liquidity required for significant, sustainable success. Today, we move forward with the necessary resources to plan and build a region of world-class communities on unique, contiguous lands that St. Joe has owned for over 50 years."