St. Joe (JOE) New Chairman Berkowitz Not Planning to Take Company Private
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St. Joe Co. (NYSE: JOE) has no interest to go private at this time, according to the company's new chairman Bruce Berkowitz, but there are plans to place a new CEO at the head of the largest Florida land owner.
Analysts have speculated that the Fairholme Capital Management's Berkowitz would look to take St. Joe private. Berkowitz took over as chairman on Friday following a battle with the company's board, which created the threat of a proxy fight.
"I don't think anyone is going to take St. Joe private," Berkowitz said on Sunday afternoon, according to Reuters. "I don't think that would be in the national interest."
The company will look to appoint a new CEO before its annual shareholder meeting on May 17.
Berokowitz has been in a very public battle with Greenlight Capital's David Einhorn, who has been shorting St. Joe stock, saying that the company is nothing but a mediocre timber producer.
"Right now there's a large group of people who believe we have lousy timberland, and another group of people who believe we have something that's a lot more special," said Berkowitz.
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Analysts have speculated that the Fairholme Capital Management's Berkowitz would look to take St. Joe private. Berkowitz took over as chairman on Friday following a battle with the company's board, which created the threat of a proxy fight.
"I don't think anyone is going to take St. Joe private," Berkowitz said on Sunday afternoon, according to Reuters. "I don't think that would be in the national interest."
The company will look to appoint a new CEO before its annual shareholder meeting on May 17.
Berokowitz has been in a very public battle with Greenlight Capital's David Einhorn, who has been shorting St. Joe stock, saying that the company is nothing but a mediocre timber producer.
"Right now there's a large group of people who believe we have lousy timberland, and another group of people who believe we have something that's a lot more special," said Berkowitz.
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