In a prepared statement, Rummell says Twomey's decision was his own. "Kevin and I have worked together to build a successful company with prospects for greater success," says Rummell, a former Walt Disney World executive. "Building a team of the next generation of executives has been a key challenge we accepted."

Rummell says that "as Kevin and I worked through the succession plan with our board, one of the challenges we faced was the closeness of our ages. Kevin's retirement later this year provides time for a smooth management transition." Rummell just turned 60; Twomey is about to turn 60.

Rummell didn't disclose who might replace Twomey but cited several Joe executives with impressive credentials. They are Britt Greene, Tony Corriggio, Chris Corr, Everitt Drew and Chris Marx. Greene has nine years with the company and has been president of Joe's largest business, St. Joe Towns & Resorts, for the last two years. Corriggio is chief financial officer and a former Morgan Stanley executive. Corr is senior vice president for strategic planning who joined Joe eight years ago from Walt Disney World. Drew is president of St. Joe Land Co.; and Marx is general counsel.

Twomey joined St. Joe in 1999, arriving from Irwindale, CA-based H.F. Ahmanson & Co., then the nation's largest savings and loan company which was purchased by Seattle-based Washington Mutual in 1998 for $10 billion. Twomey was vice chairman and CFO at Ahmanson where he worked for six years before joining Joe.