{"id":1004067941,"date":"2013-02-27T12:53:20","date_gmt":"2013-02-27T20:53:20","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004067941"},"modified":"2022-12-08T12:45:30","modified_gmt":"2022-12-08T20:45:30","slug":"fascitelli-resigns-on-his-own-as-vornado-ceo","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/fascitelli-resigns-on-his-own-as-vornado-ceo\/","title":{"rendered":"Fascitelli Resigns on His Own as Vornado CEO"},"content":{"rendered":"

By Gail Kalinoski, Contributing Editor<\/em><\/p>\n

\"\"<\/a>

Michael Fascitelli<\/p><\/div>\n

In a surprising move this morning, Vornado Realty Trust (VNO) announced that Michael Fascitelli was resigning effective April 15 as president and CEO of the REIT and Steven Roth, the company\u2019s chairman, was taking the CEO spot.<\/p>\n

Fascitelli, 56, joined Vornado 16 years ago as president and Trustee. He became CEO in May 2009, taking over from Roth, who had served as CEO from May 1989 to May 2009. Fascitelli will continue to serve on the Board of Trustees and maintain an office at Vornado\u2019s Manhattan location.<\/p>\n

The two men briefly talked about the change in roles this morning at the beginning of the fourth-quarter earnings call.<\/p>\n

Roth said that Fascitelli had asked to step down from his day to day responsibilities at the Paramus, N.J.,-based REIT, which is one of the largest owners and managers of commercial real estate in the United States with a portfolio of more than 100 million square feet of office and retail assets, primarily in New York and Washington, D.C.<\/p>\n

\u201cMike is family,\u201d Roth said. \u201cThis was entirely his decision.\u201d<\/p>\n

Roth said the Board of Trustees \u201casked that I come back for another tour as CEO,\u201d adding that the transition would be seamless.<\/p>\n

Fascitelli did not offer specifics on his reasons for the resignation only saying, \u201cI am a firm believer in not being afraid to try something new.\u201d<\/p>\n

He added that he felt \u201cnow is the right time to take a break before trying something different.\u201d<\/p>\n

Although the resignation came one day after Vornado announced it has taken a $224.9 million loss on its 11 percent stake in J.C. Penney, David Harris, an analyst at Imperial Capital in New York City, said he didn\u2019t believe Fascitelli\u2019s departure was directly related to that. Vornado also reported that its fourth-quarter funds from operations was $55.9 million, down 80 percent from $280.4 million the year before and 30 cents a share compared to $1.46 the previous year. Its adjusted FFO for the fourth quarter was $228 million, an increase from $197 million in 2011. Its year-to-year FFO had dropped from $1.2 billion in 2011 to $818 million in 2012 although the adjusted FFO was better at $964 million for 2012 compared to $939 million for 2011.<\/p>\n

\u201cI don\u2019t think it was tied to a specific event,\u201d Harris told Commercial Property Executive<\/em>. \u201cOver the last two years, there has been increasing pressure on the company by the investment community to simplify the company.\u201d<\/p>\n

In fact, Fascitelli made reference to that during the earnings call saying that for the past year the company \u201chad been in simplification mode.\u201d The REIT has been disposing of numerous properties, including the Green Acres Mall in Valley Stream, N.Y., which it recently sold for $500 million. Earlier this month, it announced it was selling The Plant, a retail power strip in San Jose for $203 million that is expected to close in the second quarter of this year. The company lately has been focusing on street-level retail in New York City like the acquisition in December of 666 Fifth Ave., a 114,000-square-foot retail condo in Manhattan for $707 million.<\/a><\/p>\n

But the Wall Street Journal reported today that Vornado continues to be criticized by both investors and analysts for having too many disparate pieces.\u00a0 In addition to the J.C. Penney investment that has created losses for Vornado, its 32.5 percent share in Toys R Us continues to be a drag on the company.<\/p>\n

\u201cIt\u2019s a lot less fun selling toys than buying toys,\u201d said Harris.<\/p>\n

Harris added that he would like to see Vornado sell its stakes in both J.C. Penney and Toys R Us and continue to focus on its street-level retail in New York City.<\/p>\n

Harris, who was listening to the earnings call this morning, said he was \u201cgenuinely surprised\u201d about Fascitelli\u2019s sudden resignation. But he added that there was \u201cno hint of acrimony or back story in this.\u201d<\/p>\n

Harris described Roth as \u201cvery hands on in the chairman role\u201d and expected that once he reassumed the CEO position on April 15, he would keep it \u201cfor the foreseeable future.\u201d<\/p>\n

Roth, 71, would only say on the conference call that they would be looking at succession planning but gave no timetable.<\/p>\n","protected":false},"excerpt":{"rendered":"

In a surprising move yesterday morning, Vornado Realty Trust announced that Michael Fascitelli was resigning effective April 15 as president & CEO of the REIT and Steven Roth, the company\u2019s chairman, was taking the CEO spot.<\/p>\n","protected":false},"author":1068,"featured_media":1004034660,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742],"tags":[],"class_list":["post-1004067941","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest"],"acf":[],"yoast_head":"\nFascitelli Resigns on His Own as Vornado CEO - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/fascitelli-resigns-on-his-own-as-vornado-ceo\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fascitelli Resigns on His Own as Vornado CEO\" \/>\n<meta property=\"og:description\" content=\"In a surprising move yesterday morning, Vornado Realty Trust announced that Michael Fascitelli was resigning effective April 15 as president & CEO of the REIT and Steven Roth, the company\u2019s chairman, was taking the CEO spot.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/fascitelli-resigns-on-his-own-as-vornado-ceo\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2013-02-27T20:53:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T20:45:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/12\/Fascitelli_Mike.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"140\" \/>\n\t<meta property=\"og:image:height\" content=\"150\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gail Kalinoski\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/fascitelli-resigns-on-his-own-as-vornado-ceo\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/fascitelli-resigns-on-his-own-as-vornado-ceo\/\",\"name\":\"Fascitelli Resigns on His Own as Vornado CEO - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/fascitelli-resigns-on-his-own-as-vornado-ceo\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/fascitelli-resigns-on-his-own-as-vornado-ceo\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/12\/Fascitelli_Mike.jpg\",\"datePublished\":\"2013-02-27T20:53:20+00:00\",\"dateModified\":\"2022-12-08T20:45:30+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/fc5b5df1393e5023d2417bd48c2fda57\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/fascitelli-resigns-on-his-own-as-vornado-ceo\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/fascitelli-resigns-on-his-own-as-vornado-ceo\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/fascitelli-resigns-on-his-own-as-vornado-ceo\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/12\/Fascitelli_Mike.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/12\/Fascitelli_Mike.jpg\",\"width\":\"140\",\"height\":\"150\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/fascitelli-resigns-on-his-own-as-vornado-ceo\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Fascitelli Resigns on His Own as Vornado CEO\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/fc5b5df1393e5023d2417bd48c2fda57\",\"name\":\"Gail Kalinoski\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/Gail-Kalinoski-headshot.jpeg?w=86\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/Gail-Kalinoski-headshot.jpeg?w=86\",\"caption\":\"Gail Kalinoski\"},\"description\":\"Kalinoski has been a contributing writer to Commercial Property Executive and Multi-Housing News since 2010 and previously wrote for three years for Commercial Property News. Gail has been a freelance writer and editor for more than 20 years, contributing to daily websites, magazines, weekly business newspapers, market intelligence newsletters, research reports, monthly B-to-B and consumer magazines. Earlier in her career, Gail worked for Gannett Corp. as an editor and reporter for 15 years. Gail has a bachelor\u2019s degree in journalism from Pace University.\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/gail-kalinoski\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Fascitelli Resigns on His Own as Vornado CEO - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/fascitelli-resigns-on-his-own-as-vornado-ceo\/","og_locale":"en_US","og_type":"article","og_title":"Fascitelli Resigns on His Own as Vornado CEO","og_description":"In a surprising move yesterday morning, Vornado Realty Trust announced that Michael Fascitelli was resigning effective April 15 as president & CEO of the REIT and Steven Roth, the company\u2019s chairman, was taking the CEO spot.","og_url":"https:\/\/www.commercialsearch.com\/news\/fascitelli-resigns-on-his-own-as-vornado-ceo\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2013-02-27T20:53:20+00:00","article_modified_time":"2022-12-08T20:45:30+00:00","og_image":[{"width":140,"height":150,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/12\/Fascitelli_Mike.jpg","type":"image\/jpeg"}],"author":"Gail Kalinoski","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/fascitelli-resigns-on-his-own-as-vornado-ceo\/","url":"https:\/\/www.commercialsearch.com\/news\/fascitelli-resigns-on-his-own-as-vornado-ceo\/","name":"Fascitelli Resigns on His Own as Vornado CEO - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/fascitelli-resigns-on-his-own-as-vornado-ceo\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/fascitelli-resigns-on-his-own-as-vornado-ceo\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/12\/Fascitelli_Mike.jpg","datePublished":"2013-02-27T20:53:20+00:00","dateModified":"2022-12-08T20:45:30+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/fc5b5df1393e5023d2417bd48c2fda57"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/fascitelli-resigns-on-his-own-as-vornado-ceo\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/fascitelli-resigns-on-his-own-as-vornado-ceo\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/fascitelli-resigns-on-his-own-as-vornado-ceo\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/12\/Fascitelli_Mike.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/12\/Fascitelli_Mike.jpg","width":"140","height":"150"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/fascitelli-resigns-on-his-own-as-vornado-ceo\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Fascitelli Resigns on His Own as Vornado CEO"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/fc5b5df1393e5023d2417bd48c2fda57","name":"Gail Kalinoski","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/Gail-Kalinoski-headshot.jpeg?w=86","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/Gail-Kalinoski-headshot.jpeg?w=86","caption":"Gail Kalinoski"},"description":"Kalinoski has been a contributing writer to Commercial Property Executive and Multi-Housing News since 2010 and previously wrote for three years for Commercial Property News. Gail has been a freelance writer and editor for more than 20 years, contributing to daily websites, magazines, weekly business newspapers, market intelligence newsletters, research reports, monthly B-to-B and consumer magazines. Earlier in her career, Gail worked for Gannett Corp. as an editor and reporter for 15 years. Gail has a bachelor\u2019s degree in journalism from Pace University.","url":"https:\/\/www.commercialsearch.com\/news\/author\/gail-kalinoski\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/12\/Fascitelli_Mike.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004067941","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/1068"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004067941"}],"version-history":[{"count":1,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004067941\/revisions"}],"predecessor-version":[{"id":1004621913,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004067941\/revisions\/1004621913"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004034660"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004067941"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004067941"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004067941"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}