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March 31, 2011
Forest City reports increased earnings, savings on Nets, small uptick on contracted arena revenue--and departure of Minieri
Atlantic Yards Report
In a press release headlined Forest City Reports Fiscal 2010 Full-Year and Fourth-Quarter Results, Forest City Enterprises yesterday reported record earnings, though those earnings on a per share basis are down.
The parent of Forest City Ratner noted that the sale of the Nets was paying off, and that there was a modest increase in contractually obligated arena income.
The Real Deal also reported yesterday that Forest City Ratner president and Chief Operating Officer Joanne Minieri, with the company since 1995, had left for her own consulting venture. She also will continue to advise FCR.
Was Minieri nudged out in an effort to save a big salary--no replacement was announced--or was she simply itching to leave? It's tough to know, from the outside, but the developer has been trying to save on relatively small expenditures, such as $100,000 for an Independent Compliance Monitor.
Posted by eric at March 31, 2011 11:41 AM