The Wall Street Journal reported today that "Vornado Realty Trust (VNO) said President and Chief Executive Michael D. Fascitelli is stepping down, and Chairman Steven Roth will return to his former role as CEO.
The real estate investment trust said Mr. Fascitelli plans to take a break after which he will pursue new challenges.
Mr. Fascitelli--who will step down April 15--will continue to serve on Vornado's board. He joined Vornado 16 years ago as president and trustee and became CEO in May 2009.
Mr. Roth joined Vornado in April 1980 and has been board chairman since May 1989. He was Vornado's CEO from May 1989 through May 2009.
Separately, Vornado's 32.4% affiliate, Alexander's Inc. (ALX), said Mr. Fascitelli would resign as its president effective April 15 and that Mr. Roth continues to serve as its chairman and CEO. Vornado is the manager that conducts Alexander's operations.
Vornado owns and manages commercial properties around New York and the District of Columbia. The real-estate investment trust has been buying up more in its strongest markets, while shedding properties in its noncore markets.
Its latest announcement comes a day after Vornado reported its fourth-quarter earnings slipped 1.3% with a loss from its stake in J.C. Penney Co. (JCP), though core funds from operations and revenues improved.
Shares closed Tuesday at $83 and were inactive premarket. The stock has risen 11% in the past three months."
In the past Mr. Roth who has never been a fan of the hotel has referred to it as a "placeholder, like a parking lot"
What does this mean to the fate of our beloved Hotel?
