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Longtime Vornado CFO Macnow is Stepping Down
Joseph Macnow is stepping down from his longtime as CFO at Vornado Realty Trust. He’ll be succeeded in that capacity by company president Michael Franco in one of a series of leadership changes the office and retail REIT announced Tuesday.
Macnow, who also serves as chief administrative officer, has been with Vornado since 1981 and has played “an integral part in the growth of the company,” according to Vornado. He’ll continue as a senior advisor, the company announced.
The company also said Thomas Sanelli is being promoted to chief administrative officer, Matthew Iocco will continue in his existing role of chief accounting officer.
Along with the executive moves, Vornado said it would eliminate 70 positions. It’s part of a program to reduce overhead by $35 million annually.
In the near term, Vornado is expecting a $23-million reduction in fourth-quarter net income as a result of severance packages and related expenses.
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