PRINCETON, N.J., Dec. 27, 2010 /PRNewswire-FirstCall/ -- AMREP Corporation (NYSE: AXR) announced today that after more than 40 years of dedicated service to the company, James Wall, the head of AMREP's real estate operations and its senior vice president and a member of its board of directors, will leave those positions at year end. Although he is retiring from day-to-day operations, Mr. Wall will continue his involvement with the company as non-executive chairman of the board of its AMREP Southwest real estate subsidiary. No replacement for Mr. Wall as the principal executive of the company's real estate business has been selected.
Edward B. Cloues, II, the chairman of AMREP Corporation's board of directors, commented that "Jim Wall has led the AMREP real estate business for more than 25 years. During that period, the population of the City of Rio Rancho, New Mexico, where the company's major real estate holdings have been located and where it still holds about 17,000 acres, has more than doubled to over 85,000. The AMREP board of directors thanks Jim for his many contributions to the company and looks forward to continuing to receive his advice in his role as non-executive chairman of our AMREP Southwest real estate subsidiary." Mr. Wall remarked that "I am pleased that I will continue to be involved in the growth and success of the City of Rio Rancho and in AMREP's active participation in them."
AMREP Corporation's AMREP Southwest Inc. subsidiary is a major landholder and leading developer of real estate in Rio Rancho, New Mexico, and its Media Services operations, conducted by its Kable Media Services, Inc. and Palm Coast Data LLC subsidiaries, distribute magazines to wholesalers and provide subscription and product fulfillment and related services to publishers and others.
SOURCE AMREP Corporation