Glenn J. Rufrano Steps Down from General Growth Properties Board of Directors Due to His New Position with Cushman & Wakefield
March 19 2010 - 6:00PM
Business Wire
General Growth Properties, Inc. (NYSE: GGP) ("GGP") today
announced Glenn J. Rufrano has resigned from the company’s Board of
Directors effective today. Mr. Rufrano was recently appointed
president and chief executive officer of Cushman & Wakefield
Inc., which is a provider of appraisal services to GGP in
conjunction with its ongoing financial restructuring. The Board
therefore jointly agreed with Mr. Rufrano that he should step down
from his Board seat in order to allow GGP to maintain its
relationship with Cushman & Wakefield consistent with
bankruptcy code requirements.
"We can’t thank Glenn enough for the expertise, experience and
tremendous insight he has brought to our Board of Directors as we
continue our efforts to emerge GGP expeditiously from Chapter 11 in
a manner that provides a good result for all our stakeholders,”
said Adam Metz, chief executive officer of GGP. “Personally, and
also on behalf of the Board, I want to thank Glenn for his service
and dedication to GGP and we wish him the best of luck in his new
position with Cushman & Wakefield.”
Mr. Rufrano was appointed to GGP’s Board of Directors in 2009.
GGP is in the process of searching for a new director to replace
the departing Mr. Rufrano.
ABOUT GGP
GGP currently has ownership interest in, or management
responsibility for, over 200 regional shopping malls in 43 states,
as well as ownership in planned community developments and
commercial office buildings. The Company’s portfolio totals
approximately 200 million square feet of retail space and includes
over 24,000 retail stores nationwide.
FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements. Actual
results may differ materially from the results suggested by these
forward-looking statements, for a number of reasons, including, but
not limited to, the bankruptcy filings of the debtors, our ability
to refinance, extend or repay our near and intermediate term debt,
our substantial level of indebtedness, the Company’s ability to
implement a plan or plans of reorganization to emerge from
bankruptcy, our ability to raise additional capital though equity
issuances, asset sales or incurrence of new debt, retail and credit
market conditions, impairments, land sales in the Master Planned
Communities segment, the cost and success of development and
re-development projects and our liquidity demands. Readers are
referred to the documents filed by General Growth Properties, Inc.
with the Securities and Exchange Commission, which further identify
the important risk factors that could cause actual results to
differ materially from the forward-looking statements in this
release. The Company disclaims any obligation to update any
forward-looking statements.
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