NEW YORK CITY-Michael Fascitelli is stepping down as president and CEO of Vornado Realty Trust effective April 15, the locally based REIT said Wednesday morning. Chairman Steven Roth will return to the CEO’s chair, a position he held between 1989 and 2009.
In a release, Vornado said Fascitelli “plans to take a break, after which he will pursue new challenges.” He will continue serving on Vornado’s board of trustees.
Fascitelli joined Vornado in December 1996 as president and trustee, becoming CEO in May ’09. Both he and Roth were scheduled to participate in Vornado’s fourth quarter earnings conference call and audio webcast Wednesday morning. In the release, Roth and the board thanked Fascitelli for 16 years of service.
In a separate announcement, Alexanders Inc. said Fascitelli has resigned as the company’s president, also effective April 15. Roth continues to serve as chairman and CEO of Alexanders, Fascitelli will remain on the company’s board of directors through the expiration of his current term in May.
GlobeSt.com will report additional details on Fascitelli’s resignation, and successor, as they become available.