AMREP Corporation announced that Nicholas G. Karabots, a member of the company's Board of Directors and Vice Chairman of the Board and its Executive Committee, and Theodore J. Gaasche, the company's President and Chief Executive Officer, effective at the close of business January 22, 2013, resigned from their positions with the Company. Effective at the same time, Mr. Gaasche was appointed by the Board as a director of the Company to fill the vacancy created by Mr. Karabots' resignation, and was also elected Vice Chairman of the Board's Executive Committee. No replacement for Mr. Gaasche as an officer has been selected and, in the absence of a Chief Executive Officer, the Executive Committee is charged with the oversight of the Company's business between Board meetings.

Mr. Gaasche had been President and Chief Executive Officer of the Company since August 2011 and, while serving, was also a director of Spartan Organization Inc. Mr. Gaasche explained to the Board that he resigned as an officer in order to return to a more active role with Spartan where from 2009 through July 2011 he served as Executive Vice President Operations. Mr. Karabots indicated that he was leaving the Board due to the increased demands of his privately-held businesses during the past several years which have significantly reduced the time he has available to devote to Company matters.