GGP Announces Transition Plan as it Emerges from Bankruptcy
General Growth Properties, Inc. (GGP) announced that CEO Adam Metz and Thomas Nolan, president/coo, 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, the executives 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 the company’s emergence from bankruptcy, is expected to select a long-term management team during the transition period.
“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 selects a permanent management team,” said Metz. “In the meantime, it will be business as usual at GGP as we continue to build value for stakeholders.”
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.