General Growth Properties Names Board of Directors for Spin-Off Company, to Be Called The Howard Hughes Corporation
October 08 2010 - 9:00AM
Business Wire
General Growth Properties, Inc. (NYSE: GGP) today named the
individuals that will comprise the nine-member Board of Directors
for the spin-off company that will consist of GGP’s portfolio of
master planned communities and other real estate assets with
long-term potential. GGP also announced today the spin-off company
will be named The Howard Hughes Corporation.
The Howard Hughes Corporation Board of Directors will assume its
responsibilities following the spin-off, which is expected to occur
upon GGP’s emergence from bankruptcy in early November. The Company
intends to name William A. Ackman Chairman at that time.
“I am extremely pleased that we have assembled such an
experienced, talented and dynamic group of individuals to serve as
directors of The Howard Hughes Corporation,” said Bill Ackman,
Chairman Designee of the Board of The Howard Hughes Corporation. “I
also believe the Howard Hughes name -- which reflects the success
and vision of one of our country’s greatest entrepreneurs -- is a
fitting brand for this world-class portfolio of real estate assets.
We look forward to working to create long-term value for our
shareholders.”
The following eight individuals will be members of The Howard
Hughes Corporation Board of Directors. One seat on the Board of
Directors will be reserved for the company’s Chief Executive
Officer, who is expected to be announced after the spin-off is
completed.
- Bill Ackman -- Founder and Chief
Executive Officer of Pershing Square Capital Management, L.P. and a
director of General Growth Properties, Inc. from June 2009 to March
2010. Mr. Ackman will serve as the Chairman of the Board of The
Howard Hughes Corporation.
- David Arthur -- Managing
Partner, Real Estate Investments -- North America, for Brookfield
Asset Management
- Adam Flatto – President, The
Georgetown Company, a privately held real estate investment and
development company based in New York City
- Jeff Furber -- Chief Executive
Officer of AEW Capital Management, L.P., which provides real estate
investment management services to investors worldwide
- Gary Krow -- President, CEO and
a director of GiftCertificates.com, a leading eCommerce provider of
B2B incentive management solutions. Formerly, President of Comdata
Corporation, a subsidiary of Ceridian Corporation.
- Allen Model -- Co-Founder,
Treasurer and Managing Director of Overseas Strategic Consulting,
Ltd., an international consulting firm that provides public
information services to clients worldwide
- Scot Sellers -- Chief Executive
Officer of Archstone, one of the world’s largest apartment
companies, and former Chairman of the National Association of Real
Estate Investment Trusts (NAREIT)
- Steve Shepsman -- Executive
Managing Director and Founder of New World Realty Advisors, a real
estate advisory firm with expertise in real estate restructuring,
development and finance, and Chair of the Official Committee of
Equity Holders in the Chapter 11 proceedings of General Growth
Properties, Inc.
Messrs. Ackman, Model and Krow are designees of Pershing Square
Capital Management, L.P. whose investment agreement with The Howard
Hughes Corporation allows it to name three members of the Board.
Mr. Arthur is a designee of Brookfield Asset Management, whose
investment agreement with The Howard Hughes Corporation allows it
to name one member of the Board.
ABOUT GGP
GGP currently has ownership and management interest 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.
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