RTTNews | Dec 1, 2020 08:36AM EST

08:35 Tuesday, December 1, 2020 (RTTNews.com) - 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.

Read the original article on RTTNews ( https://www.rttnews.com/3149966/vornado-realty-trust-announces-management-changes-to-cut-overhead-costs-quick-facts.aspx)

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