Vornado Realty Trust (NYSE:VNO)'s CEO Michael Fascitelli has announced his resignation. He will be replaced by current board chairman Steven Roth, effective April 15.
A statement from the company said Fascitelli plans to “take a break” and then take on some “new challenges.” Fascitelli will continue to serve on the company’s board. He has been with Vornado for 16 years and has been the company’s CEO since 2009. Roth has been with Vornado for more than 30 years and has served as the company’s chairman since 1989.
Alexander’s Inc., Vornado’s affiliate, also announced that Fascitelli would resign as its president effective the same date, and Roth will continue serving as the company’s chairman and CEO.
A memo from Roth to employees at Vornado was posted on the company’s site. He thanked Fascitelli for his contributions and said Fascitelli led the company through 172 acquisitions worth more than $17 billion. “Outstanding performance,” Roth wrote. “This has been a great run.”
The announcement about Fascitelli’s departure comes a day after Vornado Realty Trust (NYSE:VNO) reported its earnings for the fourth quarter of 2012. The company reported lower earnings due to a loss on its 11 percent investment in J.C. Penney Company, Inc. (NYSE:JCP). That loss amounted to almost $225 million. Vornado also recorded a $40 million loss on its investment in Toys R Us.
Vornado’s statement said both Fascitelli and Roth would take part in the company’s fourth quarter earnings conference call on Wednesday morning.
Shares of Vornado Realty Trust (NYSE:VNO) were trading mostly flat on Wednesday at the New York Stock Exchange.