General Growth Properties Announces Management Changes

General Growth Properties, Inc. (NYSE: GGP) today announced it has named three new executives to assume senior management roles within the Company. These changes are part of an ongoing operational reorganization designed to better position the Company to meet the demands of today’s competitive environment.

The senior management changes announced today include:

Michael McNaughton, currently senior vice president of leasing – Big Box, has been named Head of Asset Management;
Robert Michaels, GGP’s vice chairman, has been named Head of Leasing; and
Mark Pfeifer, currently vice president of strategic communications, has been named Head of Marketing and Corporate Communications.

Messrs. McNaughton, Michaels and Pfeifer replace Sharon Polonia, Robert Wyant and Wally Brewster, respectively.

“As we have been successfully restructuring GGP’s financial foundation, we have simultaneously been developing an operational strategy that will enable the Company to improve our performance,” said Adam Metz, GGP’s chief executive officer. “We believe these management changes are consistent with our new strategic direction, which we expect will be a catalyst to maximize the intrinsic value of our properties. I welcome Mike, Bob and Mark into their new positions. Each has deep experience and a proven track record of strategic thinking and operational excellence. I want to thank Sharon, Robert and Wally for their valuable contributions to GGP and wish them well in their new endeavors.”

Mr. McNaughton, who joined GGP in 2001, serves as senior vice president with oversight of department stores, Big Box retailing, land, hotel and restaurant functions for the GGP portfolio. Previously, he served as senior vice president of asset management, with responsibility for 17 properties totaling 20 million square feet. Prior to GGP, Mr. McNaughton was a founding partner and senior vice president of CORO Realty Advisors, an Atlanta-based investment advisory brokerage and redevelopment firm. He served as a founding member of the NAIOP Mixed-Use Development national forum and is an active member of the Urban Land Institute. Mr. McNaughton received a BA in management from Framingham State College.

Mr. Michaels began his career at GGP in 1972 and has served in a number of senior management roles at the Company, including general counsel and executive vice president and director of corporate leasing. Mr. Michaels serves on the executive committee of the board of trustees for the International Council of Shopping Centers (ICSC), as well as on the board of directors for the Center for Urban Land Economics Research (CULER) at the School of Business for the University of Wisconsin-Madison. Mr. Michaels received both his Bachelor of Science degree in Business Administration and his juris doctor from the University of South Dakota.

Mr. Pfeifer joined GGP in 2002 as vice president of corporate advertising and branding, later becoming vice president of strategic communications. Prior to joining GGP, Mr. Pfeifer had extensive experience working at advertising agencies including BBDO Worldwide, Euro RSCG and Foote Cone & Belding. Mr. Pfeifer received a BS in Marketing from Butler University and an MBA in Marketing from Loyola University.

ABOUT GGP

GGP currently has ownership interest in or management responsibility for more than 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. The Company’s common stock is traded on the New York Stock Exchange under the symbol GGP.

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