Vornado Realty Trust’s Michael Fascitelli has officially taken on chief executive officer role after a vote by the firm’s board. Fascitelli, 52, succeeds Steven Roth, 67, who retains the Chairman title.

Fascitelli has been with Vornado since 1997. He was previously the head of real estate at Goldman Sachs & Co.

Fascitelli is taking charge of the firm’s management amid an economic recession which has affected the company’s profits.

The firm’s net income in the latest quarter fell to $125.8 million compared to $389.6 million a year ago.

The company said in a recent regulatory filing the downturn in the economy had affected the company, noting that real estate transactions had fallen and capitalization rates had risen.