Steven Roth, chairman and CEO of Vornado Realty Trust, is stepping aside. He will remain Chairman. And Michael Fascitelli, president, will now be the CEO as well. According to the company's release:
[Vornado] has executed its long-planned management succession strategy and that its Board of Trustees has elected Michael D. Fascitelli, 52, as Chief Executive Officer, succeeding Steven Roth, 67, who will remain Chairman. Messrs. Roth and Fascitelli have worked together as partners over the past twelve years – this close collaboration will continue in the future.