- After about seven consecutive years in the position
- John Baker III taking over
- Baker II will remain as Chairman at FRP Holdings
(exechange) — Jacksonville, Florida, May 14, 2024 — John Baker II, chief executive of FRP Holdings, leaves his position. As announced by FRP Holdings Inc. in a news release published on Wednesday, May 8, 2024, and in a regulatory filing published on Tuesday, May 14, 2024, John D. Baker II leaves his post as chief executive officer at the real estate investment and development company, after about seven consecutive years in the role, effective immediately.
Generally speaking, it raises questions when a CEO leaves his post abruptly.
John Baker II’s duties as CEO will be taken over by John D. Baker III, previously Chief Financial Officer at FRP Holdings Inc.
It is a generational change. John Baker III is about 36 years younger than John Baker II.
John Baker II’s move coincides with a management shake-up also involving the position of Chief Operating Officer.
John D. Baker II is the father of John D. Baker III and the uncle of Margaret B. Wetherbee, director of the Company.
No reason given
In the announcement, FRP Holdings did not explicitly explain the reason for the move.
Baker II will remain as Chairman at FRP Holdings
FRP Holdings stated: “John D. Baker II will remain the Company’s Chairman of the Board of Directors. David deVilliers, Jr. will remain the Company’s President and Vice Chairman of the Board of Directors.”
“Retirement”
FRP Holdings said: “On May 8, 2024, John D. Baker II, Chief Executive Officer and Chairman of the Board of Directors of FRP Holdings, Inc. … announced his retirement from his position as Chief Executive Officer, effective immediately.”
Share price increase since May 2019
The announcement follows an increase in FRP Holdings Inc.’s share price of 24% since May 2019.
In the position of CEO since 2017
John Baker II became CEO of the Company in 2017.
John D. Baker II serves as the Chairman of the FRP Board and served as FRP’s Chief Executive Officer.
Baker has served as a director of the Company since 1986, served as the President and Chief Executive Officer from 2008 to 2010, and was again appointed as the Chief Executive Officer of the Company in 2017.
From 1996 to 2007, Baker served as President and Chief Executive Officer of Florida Rock Industries, Inc.
Baker is the former chairman and current director of regional utility Jacksonville Electric Authority. Baker also currently serves as a director of The Jacksonville Civic Counsel.
Baker formerly served as a director of Florida Rock Industries, Wachovia Corp., Wells Fargo & Company, Jacksonville Port Authority, Progress Energy, Vulcan Materials, Texas Industries, Hughes Supply, KIPP Jacksonville, Inc., The Florida Council of 100 and Edward Waters College.
Prior to his business career, Baker served in the Marine Corps.
No statement by John Baker II
The announcement of his departure as CEO does not include a statement by John Baker II.
The above text is an excerpt from the exechange report 21.2024 ($), publication date May 20, 2024.