Officials at the La Belle, FL-based agribusiness and land-holding company say Ben Hill Griffin III will resume all prior duties as chairman and chief executive officer.
Neither the company nor the 58-year-old CEO offered any details about the temporary leave of absence in a prepared statement.
Announcement of Griffin's return had no impact on the company's publicly traded common stock, which closed unchanged Friday at $28.99 on volume of 2,300. When the company announced the leave in June, shares in the company closed up $1.38 each on light volume.
Shares in Alico are trading near the issue's 52-week high of $33.34. The issue has traded in the high $20s ever since it closed on June 29 at $32.06 on volume of 323,000. During Griffin's leave of absence, the company disclosed its net income and total revenue dropped during the nine months ended May 31.
The company reported a net gain of $5.1 million, or 72 cents a share, on total revenue of $48.9 million for the nine months, compared with net of $11.3 million, or $1.61 cents a share, on total revenue of $53.1 million for the same period last year.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
