Fairholme’s Bruce Berkowitz filed an amended 13D this morning, announcing his resignation from the St. Joe’s board. Here is an excerpt from the filing:
Bruce R. Berkowitz and Charles M. Fernandez, Managing Member and President, respectively, of Fairholme, have withdrawn their names from consideration to serve on the Issuer’s slate of directors for the Issuer’s upcoming Annual General Meeting and have resigned from the Issuer’s board of directors (the “Board”), effective as of February 14, 2011.
On February 14, 2011, Mr. Berkowitz and Mr. Fernandez sent the following email to the Board:
Directors of St. Joe:
The two of us have discussed the situation at St. Joe and its nominating and governance process. 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.
After working with the current Board over these past weeks, we have concluded that the current Board is not in a position to propose such a slate of directors.
Accordingly, we withdraw our names from consideration by the Nominating and Governance Committee for election at the Annual General Meeting, and we resign from the Board of St. Joe effective immediately.
Bruce & Charlie
Bruce Berkowitz has been very successful recently in controversial calls (See Berkowitz and Eisman’s AIG battle). Just last week, he seemed to be on his way to win the St. Joe battle as well. Right now, one thing is clear: he won’t be sending a box of chocolates to St. Joe’s board.