Board
Accepts Resignation of Steven Smith
La Belle, FL, -- February 23, 2010 -- Alico, Inc. (NASDAQ:
ALCO), a land management company, announced today that Steven M. Smith, the
President and Principal Executive Officer of Alico, has submitted his
resignation as President and Principal Executive Officer which was accepted
today at a specially called meeting of Alico’s Board of Directors.
The Board
elected Mr. JD Alexander as President and Chief Executive Officer of Alico to
replace Mr. Smith. Mr. Alexander also serves as the President and
Chief Executive Officer of Alico’s controlling shareholder, Atlantic Blue Group,
Inc., a position which he intends to retain. He served as a director of Alico,
Inc. in 2004 and 2005 and has served on the Alico Board since January 2008 to
the present. He also serves as the Board’s Vice Chairman and the
Chairman of its Executive Committee. Mr. Alexander has served as a
Florida State Senator from 2002 to the present and previously served as a
Florida State Representative from 1998 to 2002.
“The
Board believes that JD Alexander and his team will help enhance the culture of
Alico and provide a more efficient financial environment going forward,” said
Ramon Rodriguez, Chairman of Alico’s Audit Committee. Mr. Rodriguez also noted
that Mr. Alexander intended to serve without additional compensation from Alico,
other than expense reimbursements and normal compensation as a director, for a
period of at least 4 months. Upon the expiration of this period, terms of
compensation going forward will be decided by the independent directors of the
Compensation Committee of Alico’s Board. Further, Mr. Rodriguez said,
“We appreciate JD’s willingness to advance Alico, and believe that this change
will benefit Alico and its employees.”
Mr.
Alexander stated, “I am confident that, along with my long-time team, we can
work with the employees of Alico and create a company that will be able to bring
shareholder value and a strong entrepreneurial future. I thank the board for
their trust and confidence in me and look forward to working with them for the
future of Alico and all involved with the company.”