Bruce Berkowitz of Fairholme Capital Management LLC, resigned from the board of St. Joe Co
Berkowitz and Fairholme President Charles Fernandez also withdrew their names to be considered for election at the company's annual shareholder meeting, according to a regulatory filing.
We will not stand for re-election except as part of a Board where a majority of the directors are committed to shareholder value, pay for performance, and effective corporate governance, Berkowitz and Fernandez said in the filing.
Following a board meeting last week, the Florida-based land developer said it would engage Morgan Stanley to help it explore financial and strategic alternatives, including a revised business plan, joint ventures, asset sales, a merger or sale of the company.
Fairholme owns about 30 percent of St. Joe.
(Reporting by Nadia Damouni, editing by Dave Zimmerman)