General Growth Properties Names Sandeep Mathrani as Chief Executive Officer
October 28 2010 - 4:15PM
Business Wire
General Growth Properties (NYSE: GGP) today announced Sandeep
Mathrani as the company’s chief executive officer.
Mr. Mathrani, 48, was previously president, Retail Division at
Vornado Realty Trust, the general partner of Vornado Realty LP, a
position he held since March 2002. Prior to joining Vornado, he
served as an executive vice president of Forest City Ratner, an
affiliate of Forest City Enterprises, from 1994 to February 2002
and was responsible for its retail development and related leasing
in the New York City metropolitan area.
GGP chairman-elect Bruce Flatt said Mr. Mathrani is the ideal
candidate to lead GGP as it enters a new era. “Sandeep is an
exceptionally talented individual who has a proven track record as
one of the best retail executives in America. Sandeep helped build
two of the highest quality retail portfolios over the past 15 years
and has been responsible for retail at both Vornado and Forest
City. His knowledge and expertise of the shopping center industry
will undoubtedly help GGP retain its reputation as a premier
shopping center REIT,” said Flatt.
Sandeep Mathrani will officially assume the CEO position at the
beginning of 2011. He will succeed Adam Metz, who served as CEO
during GGP’s bankruptcy process.
Mr. Mathrani stated, “This is an exciting time to join GGP as we
re-energize the organization to be the best-in-class retail company
in the United States.”
Bruce Flatt further commented, “We would like to extend our
sincere gratitude to the former board of directors of GGP, in
particular Adam Metz and Tom Nolan, for their hard work and
dedication in seeing GGP through bankruptcy and positioning the
company to successfully move forward.”
ABOUT GGP
GGP currently has ownership and management interest in 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 NYSE 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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