Consolidated-Tomoka Land Co. Announces Resignation of Allen C. Harper and Names Howard C. Serkin to the Company's Board of Directors

DAYTONA BEACH, Fla., Feb. 1, 2011 /PRNewswire/ -- Consolidated-Tomoka Land Co. (NYSE Amex: CTO) announced today that Allen C. Harper has resigned from the Board of Directors.  Mr. Voges, Chairman of the Board, stated "Mr. Harper contributed immensely to the Board and the Company since joining the Board in 2009. We will miss his participation and leadership, and we all wish him the best."  Mr. Harper also served as Chairman of the Compensation Committee and as a member of the Governance Committee.  The Company also announced that it has appointed Howard C. Serkin, who qualifies as an independent director to fill the vacancy on the Board  created by the resignation of Mr. Harper. Mr. Serkin, Chairman of Heritage Capital Group located in Jacksonville, Florida, was originally nominated to the Board by Wintergreen Advisers, LLC, and the Company believes that he is well-qualified with a broad background and experience in real estate and finance. He will stand for election at the Company's 2011 annual meeting of shareholders in Class II with a term expiring in 2014.  

Mr. Voges, Chairman of the Board, stated "We are very pleased to welcome Howard as a new independent member of the Board and look forward to his contributions."

Consolidated-Tomoka Land Co. is a Florida-based company primarily engaged in converting Company owned agricultural lands into a portfolio of net lease income properties strategically located in the Southeast, through the efficient utilization of 1031 tax-deferred exchanges.  The Company has low long-term debt and currently generates over $9 million annually before tax cash flow from its income property portfolio.  The Company also engages in selective self-development of targeted income properties. The Company's adopted strategy is designed to provide the financial strength and cash flow to weather difficult real estate cycles.  Visit our website at www.ctlc.com.

SOURCE Consolidated-Tomoka Land Co.

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED