When: Today, March 4th at 3:55PM ET
Where: CNBC's "Closing Bell"
Following is the unofficial transcript of breaking news from CNBC's Mary Thompson on CNBC's "Closing Bell" today, March 4th at 3:55pm ET. All references must be sourced to CNBC.
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MARY THOMPSON: MARIA SOME BREAKING NEWS ON THE REAL ESTATE COMPANY ST. JOE ACCORDING TO A SOURCE CLOSE TO THE REAL ESTATE COMPANY AT A BOARD MEETING IN FLORIDA EARLIER TODAY BRUCE BERKOWITZ WHO IS THE CEO OF FAIRHOLME CAPITAL, OF COURSE ST. JOE'S LARGEST SHAREHOLDER, HE WAS NAMED CHAIRMAN OF THE BOARD. HIS DEPUTY CHARLES FERNANDEZ WAS NAMED VICE CHAIRMAN OF THE BOARD OF ST. JOE COMPANY. IN ADDITION OF CHARLIE CRIST THE FORMER GOVERNOR OF FLORIDA WAS NAMED TO BE THE CHAIRMAN OF THE COMPANY'S NOMINATING AND CORPORATE GOVERNANCE COMMITTEES. ADDITIONALLY, THE BOARD DECIDED TO ELIMINATE POISON PILL AND AS EXPECTED THE COMPANY'S CEO BRITT GREENE RESIGNED. HE IS GOING TO BE REPLACED ON A TEMPORARY BASIS FOR 30 DAYS BY THE COMPANY'S FORMER CHAIRMAN HUGH DURDEN WHO WILL REMAIN ON THE BOARD OF ST. JOE. IN ADDITION, THE SOURCE SAYS WITHIN THE NEXT 3O DAYS IT IS EXPECTED THAT SOME JOINT VENTURES BOTH ON THE RESIDENTIAL AND COMMERCIAL REAL ESTATE SIDE WILL BE ANNOUNCED AND COST CUTS THAT COULD BE UP TO 60 MILLION WILL BE ANNOUNCED AS WELL.
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