ST. JOE GOES GREENE

Peter Rummell, the 11-year head of the St. Joe Co. who transformed vast areas of the Florida Panhandle from forest to subdivision, announced his retirement as CEO from the company. St. Joe, the state’s largest private owner of land, will now be headed by Britton Greene, current president and COO. According to Rummell, his departure has nothing to do with the slowdown in home sales that created, as he says, the worst residential real estate market that he’s seen in 37 years. In the past year, St. Joe has cut back on production, going from a workforce of 980 to 200, paring capital and reducing debt. But Rummell remains upbeat, saying that the “best is yet to come,” pointing to positive changes such as the Panama City airport that is now under construction. Rummell would not predict a timeline for the real estate market’s turnaround, says, “We continue to strongly believe in Florida's long-term future … And Joe's long-term ability to create value.”

Source: St. Petersburg Times, Kris Hundley, Feb. 20, 2008

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