Only a couple of months before the Brightline rail system starts whisking riders from downtown Miami to Fort Lauderdale, the CEO and president of the $3 billion project’s parent company is leaving his post.
Vince Signorello, who joined Florida East Coast Industries (FECI) in 2009 and helped recapitalize the company with more than $1 billion in investment funds, announced on Monday he is stepping down as CEO and president.
“Florida East Coast Industries is extraordinarily well-positioned with a highly seasoned group of executives leading all the business lines,” Signorello told the Herald. “This is the perfect time for me to create an investment platform that leans on all my professional experiences with Florida East Coast Industries.”
Signorello plans to launch a “nimble, institutional” real estate investment and development firm that will acquire and develop commercial properties with a focus on connectivity, critical infrastructure and transportation.
“That focus is a nod to many of the things Florida East Coast Industries has accomplished over the last nine years,” Signorello said. “It's important to note that I will continue to partner with them in meaningful ways and look forward to a continued relationship with them.”
When completed, the 235-mile Brightline rail system will connect Miami to the Orlando International Airport. The first leg of the route is scheduled to be completed in late summer and will take riders from West Palm Beach to Fort Lauderdale.
The second leg, due to launch service in early fall, will take riders back and forth between Fort Lauderdale and Miami in less than 30 minutes.
Florida East Coast Industries is a descendant of the company formed by real estate and rail transportation pioneer Henry M. Flagler in 1892. It is the largest and oldest real estate holding firm in Florida.
In a statement, a spokesperson for FECI said, “We are extremely grateful for Vince’s many contributions over his 10 years with the company, and we look forward to continuing to partner with Vince on a variety of joint projects.”
FECI’s primary business units will continue to be led by Dave Howard, CEO of Brightline Trains; Mike Reininger, executive vice-president of FECI and director of Brightline development; and Bruce Snyder, chief financial officer of FECI.