COMPANY BOARD BAILS ON POLITICOS ALEXANDERS, TROUTMAN

The Lakeland Ledger reported Friday that five of the nine directors of the publicly traded land company Alico, Inc., based in LaBelle, resigned this week citing concerns regarding a proposal merging Alico with the citrus and cattle company Atlantic Blue Trust. And a sixth director will leave later this month upon his retirement.

Just another business story? Not quite, because of the individuals involved.

The departure of the six board members will leave only board chairman John R. Alexander, his son, State Senator/Majority Whip J.D. Alexander (R - Lake Wales), and his nephew, State Representative Baxter Troutman (R - Frostproof), to run Alico. The three are also on the board of Atlantic Blue Trust, with John R. Alexander also chairing the ABT board.

Alico was previously managed by Ben Hill Griffin III before turning it over to his sisters in March of last year. John R. Alexander is married to one of Griffin's sisters, Sarah Jane.

Griffin was quoted as being saddened by what has happened:

"My father and I were CEOs and directors of that company for more than 30 years and never had an issue involving ethics whatsoever," he said. "We never had one independent director resign from Alico in this way. This is most regrettable. This is my father's reputation and my reputation -- all of that built Alico. To see this happen saddens me".

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