Roth: Fascitelli's Decision Was His Own

NEW YORK CITY-Although the fourth-quarter and full-year 2012 financials of a major REIT bear watching under any circumstance, Wednesday morning’s webcast and conference call by senior executives of Vornado Realty Trust took on particular significance with the surprise announcement an hour earlier that president and CEO Michael Fascitelli had resigned effective April 15. The call offered few details on the move, beyond chairman Steven Roth and Fascitelli both affirming that the decision to step down was solely Fascitelli’s.

“Vornado has been my consuming passion for the past 16 years,” Fascitelli said during Wednesday’s call, and Roth cited the “unprecedented growth and change” that has occurred since Fascitelli joined as president and trustee in December 1996. Yet Fascitelli described himself as “a firm believer in trying something new,” citing a career path that took him from Bristol Myers to a 12-year stint at Goldman Sachs and, finally, to Vornado. “Now is the right time for me to take a break before trying something new.” He will, however, remain on Vornado’s board and maintain an office at the company’s 888 Seventh Ave. headquarters.