Press release from Business Wire
General Growth Properties Announces Executive Transition Plan
<p class=' bwtextaligncenter'> CEO Adam Metz and President and COO Thomas Nolan Agree to Remain in Their Positions For Up to One Year to Oversee GGP's Emergence from Bankruptcy </p>
Tuesday, September 07, 2010
General Growth Properties Announces Executive Transition Plan21:04 EDT Tuesday, September 07, 2010 CHICAGO (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.