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There's nothing quite like unleashing a bit of earth-shaking news right at Friday's closing bell. Just minutes before the regular session wrapped up, CNBC reported that Bruce Berkowitz has been named chairman of the board at The St. Joe Company (JOE). Berkowitz is the head of Fairholme Funds, JOE's largest investor mutual fund.
With Berkowitz emerging triumphant in his battle with JOE's management, Britton Greene has stepped down as chairman and CEO. Effective today, JOE's board has started its search for a new CEO, with former chairman Hugh Durden stepping in as the interim chief executive for a term of no longer than 60 days.
According to Reuters, Berkowitz penned a letter to employees stating, "I will not sugar-coat the current situation. St. Joe is losing money, selling valuable assets to cover losses, and is under attack." He went on to explain that he's in the process of soliciting investment interest among "leaders from all over the world."