Former St. Joe Exec Rummell to Head Nicklaus Cos.
- Aug 12, 2008
Peter Rummell, former CEO of Jacksonville, Fla.-based The St. Joe Co., Florida’s largest private landowner, has been chosen as the new CEO of the North Palm Beach, Fla.-based Nicklaus Cos. Rummell, 62, retired from St. Joe in May and will take over his new position in mid-August, according to the Nicklaus Cos. In addition, Rummell will head the NicklausMilstein Fund, which was formed to capitalize on real estate development and investment opportunities that arise from the Nicklaus golf-course-design business. Nicklaus Design currently has more than 55 courses under construction and projects under development in 44 countries. Nicklaus Companies L.L.C. was created last June when New York Private Bank & Trust, New York, became a long-term partner with the Nicklaus family. New York Private Bank & Trust is the parent company of Emigrant Bank, which, with assets of more than $15 billion, is the largest privately owned bank in the United States. Rummell was chairman and CEO of St. Joe from 1997 till his retirement. In that time, he led the company’s transition from a regional conglomerate focused on papermaking into one of Florida’s largest and most successful real estate operating companies. St. Joe owns approximately 600,000 acres in Florida, mostly in the northwest part of the state. Rummell started his real estate career in 1971 with the Sea Pines Co., developers of Hilton Head Island, S.C., and six years later joined the Arvida Corp. and became general manager of Sawgrass in Ponte Vedra Beach, Fla., home to PGA Tour headquarters. In 1983, he joined the Rockefeller Center Management Corp., New York as vice chairman. Two years later, Rummell become president of Disney Development Co., which was responsible for all non–theme park development at Disney, including hotel and related development at Disney’s theme parks in Orlando, Anaheim, Paris and Tokyo. During his 12 years there, Disney developed more than 20,000 hotel rooms and several hundred thousand square feet of themed retail space, as well the town of Celebration, Fla. Rummell was also involved with the design and launch of Disney Cruise Lines, which began operations in 1998.