Vornado Realty Trust Announces Management Changes; To Cut Overhead Costs - Quick Facts

(RTTNews) - Vornado Realty Trust (VNO) announced that the company's Chief Financial Officer and Chief Administrative Officer, Joseph Macnow, is stepping down. He will remain a Senior Advisor. Michael Franco, President, has been appointed to the additional position of Chief Financial Officer, succeeding Joseph Macnow. The company promoted Thomas Sanelli as Executive Vice President - Finance & Chief Administrative Officer.

Vornado Realty Trust said it is executing a program to reduce overhead costs by over $35 million annually, which involves compensation reductions and a 70 person reduction in force. The company will recognize in the fourth quarter a reduction in net income of $23 million attributable to estimated severance and other reduction in force related expenses.