In response to operational challenges, Vornado Realty Trust announced that the firm will cut 70 employees and reduce the remaining employee’s compensation. The firm’s strategy is expected to reduce costs by about $35 million per year. In addition, there will be certain management replacements, such as Vornado’s president, Michael Franco, who will, in addition to his current position, also become the firm’s chief financial officer. This announcement supports a recent report, published by FPL Associates, that 16% of REITs reduced its compensation schemes.
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