Brookfield Properties Corp. President Steven Douglas has resigned to take the role as chief financial officer of bankrupt shopping mall operator General Growth Properties, effective immediately, the companies said Monday.
Douglas was also named executive vice president of General Growth. He succeeds Ed Hoyt, who has been the company’s interim chief financial officer since 2008. Douglas will receive an annual salary of $650,000, General Growth said in a securities filing.
Chicago-based General Growth filed for bankruptcy in April 2009. It is expected to emerge from bankruptcy around the end of October. Upon emergence, the company plans to split in two, with one of its new companies housing its malls and another spinoff holding some non-income producing assets.
