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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 24, 1998
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ST. JOE CORPORATION
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(Exact name of registrant as specified in its charter)
Florida 1-10466 59-0432511
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(State or other jurisdiction of (Commission (I.R.S. Employer
Incorporation) File No.) Identification No.)
Suite 400, 1650 Prudential Drive
Jacksonville, Florida 32207
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (904) 396-6600
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Item 5. Other Events
Incorporated by reference is a press release issued on February 24, 1998,
attached as Exhibit 99, announcing Charles A. Ledsinger as President and Chief
Operating Officer of the Registrant.
Item 7. Financial Statements and Exhibits
(c) Exhibit
Exhibit 99 - Press release issued February 24, 1998
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
St. Joe Corporation
Date March 3, 1998 By: /s/ Charles A. Ledsinger
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Charles A. Ledsinger
President, Chief Operating
Officer, Chief Financial
Officer
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EXHIBIT 99
FOR IMMEDIATE RELEASE CONTACT: Jerry M. Ray
February 24, 1998 904 858-2707
CHARLES A. LEDSINGER, JR. NAMED PRESIDENT AND
CHIEF OPERATING OFFICER FOR
ST. JOE CORPORATION (NYSE: SJP)
Jacksonville, Florida - (February 24, 1998) - St. Joe Corporation
(NYSE: SJP) chairman and chief executive officer Peter S. Rummell today
announced the appointment of senior vice president and chief financial officer
Charles Ledsinger to the new post of president and chief operating officer.
Since joining St. Joe in April 1997, Ledsinger has played an
instrumental role in the transformation of St. Joe into a company focused on
unlocking the value of St. Joe's historically underutilized asset base in real
estate, forestry and transportation. In less than a year, Ledsinger has crafted
financial strategies for a $400 million public stock offering by St. Joe's
principal shareholder, The Alfred I. duPont Testamentary Trust and agreements to
acquire interests in South Florida commercial and industrial developer, Codina
Group, Inc. and the Riverside Golf Management Company. He also developed a
financial strategy for a joint venture with Orlando-based commercial developer,
CNL Group; a joint venture which acquired the major assets of Arvida, one of the
nation's most respected community developers; and a proposed joint venture with
the National Football League.
"Over the last year Chuck Ledsinger has demonstrated the vision, vigor
and leadership that has positioned St. Joe to take full advantage of our
outstanding asset base, significant financial resources and a strong Florida
economy," Rummell said. "Now, as we build out our integrated group of real
estate operating companies and partnerships, St. Joe stockholders and employees
can count on Chuck's energy and creativity to match St. Joe's traditional
strengths with new opportunities, as he focuses on operations and growth."
Ledsinger, who came to St. Joe after nearly 20 years with The Promus
Companies/Harrah's Entertainment where he was senior vice president and chief
financial officer, said his full attention will be on increasing shareholder
value by leveraging St. Joe's resources and talent to create a full range of
real estate, transportation and forestry opportunities.
"My focus now is implementing the strategic vision of the new St. Joe.
I will draw on the strengths of our new management team and expand our strategic
partnerships in order to quicken the pace of development across all of our
business units," Ledsinger said. "My objective is to make St. Joe an engine for
shareholder growth."
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Rummell said a search is well underway for a new chief financial
officer. "With St. Joe's underutilized asset base, large cash reserves and no
debt, our financial strategic vision must be a combination of sophistication and
innovation."
Ledsinger, 48, holds a bachelor's degree from the University of
Virginia and Master of Business Administration from Memphis State University. He
serves on the board of directors of FelCor Suite Hotels, Inc., Friendly Ice
Cream Corporation and TBC Corporation.
St. Joe, a publicly held company based in Jacksonville, is Florida's
largest private land owner and is engaged in the development of master-planned
communities; commercial and industrial facilities; resorts and location-based
entertainment. St. Joe also has interests in timber and railroads.
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