By Holly Dutton
Vornado Realty Trust CEO Michael Fascitelli announced he is resigning from his position nearly four years after being named the top executive.
Chairman Steve Roth will replace Fascitelli after he officially steps down April 15, according to a company press release dated Feb. 27.
In a company memo published on the firm’s website, Roth said Fascitelli will remain on the board of trustees as well as keep an office in the building.
“After 16 years at Vornado, our friend and colleague Mike Fascitelli has informed me and the Board that he will be stepping down as President and CEO effective April 15th,” Roth wrote in the memo.
“Mike plans to take a break after which he will pursue new challenges. The Board has asked that I come back for another tour as CEO, a position I held for over 20 years.”
Roth thanked Fascitelli for his service to the company, praising his performance and leadership during his time as CEO.
“During his tenure, Mike led our Vornado teams in 172 separate acquisitions totaling over $17 billion…which were fueled by 125 capital market transactions totaling $27 billion,” wrote Roth. “Outstanding performance. This has been a great run.”
Fascitelli joined Vornado 16 years ago as president and trustee after heading up the real estate investment banking business at Goldman Sachs.
In May 2009, he was appointed CEO of Vornado.
Roth joined Vornado in April 1980 and has been chairman of Vornado’s Board of Trustees since May 1989. He was Vornado’s CEO from May 1989 through May 2009.