Rummell to step down at St. Joe

Peter S. Rummell, who has led the transformation of St. Joe Co. from papermaker to place maker, is stepping down as chief executive of the Jacksonville company in mid May.

Rummell, a former Disney executive, will remain chairman and be replaced in the top executive spot by Britt Greene, St. Joe's president. The publicly traded company, which owns about 700,000 acres in Florida, continues to suffer from a weak residential real estate market. It reported 2007 earnings of $39.2-million, or 53 cents a share, on revenues of $377-million, compared to net income of $51-million, or 69 cents a share, on revenues of $524.3-million a year ago.

- Kris Hundley, Times staff writer