General Growth Properties Announces Executive Transition Plan
September 07 2010 - 9:04PM
Business Wire
General Growth Properties, Inc. (NYSE: GGP) today announced
Chief Executive Officer Adam Metz and President and Chief Operating
Officer Thomas Nolan have agreed to remain in their roles at GGP
for up to one year following completion of the company’s
restructuring, expected in October 2010. During that period,
Messrs. Metz and Nolan will continue to manage the final phases of
the company’s restructuring – including the planned equity raise –
and will continue to lead GGP’s financial and operational strategy.
GGP’s new Board of Directors, to assume its role following
emergence from bankruptcy, is expected to select a long-term
management team during the transition period.
“Tom and I have worked closely with the rest of the senior
management team to position GGP for future success, with a clear
vision and strategy, a solid financial structure, an enhanced
operational organization and a world-class portfolio of assets. We
have never been more confident in GGP’s future,” said Adam Metz,
chief executive officer of GGP. “We are pleased to help position
the company for the next chapter in its growth story and ensure a
smooth transition for employees, shareholders and tenants while the
Board of Directors selects a permanent management team. In the
meantime, it will be business as usual at GGP as we continue to
build value for all our stakeholders.”
“The Board of Directors would like to thank Adam and Tom for
their deep commitment and significant contributions to GGP during
the restructuring and anticipated transition period,” said Sheli
Rosenberg, lead director of GGP. “The two of them have led one of
the most successful restructurings in corporate history, and the
Board and the new equity investors fully support the strategic
business plan Adam and Tom have developed. We are grateful to them
for agreeing to stay during the search for a new management
team.”
ABOUT GGP
GGP currently has ownership interest and 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
more than 24,000 retail stores nationwide. The Company’s common
stock is traded on the New York Stock Exchange under the symbol
GGP.
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, our ability to successfully complete our plan of
reorganization and emerge from bankruptcy, our ability to
refinance, extend, restructure or repay our near and intermediate
term debt, our substantial level of indebtedness, our ability to
raise capital through equity issuances, asset sales or the
incurrence of new debt, retail and credit market conditions,
impairments, our liquidity demands and retail and economic
conditions. 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 which
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.
GGP Inc. (NYSE:GGP)
Historical Stock Chart
From May 2024 to Jun 2024
GGP Inc. (NYSE:GGP)
Historical Stock Chart
From Jun 2023 to Jun 2024