General Growth leadership to stay on a year

By Reuters
Posted Sep. 8, 2010 at 7:09 a.m.

The leaders of General Growth Properties Inc. will stay on for up to one year following completion of the company’s restructuring, which is expected in October, the company said Tuesday.

Chief Executive Officer Adam Metz and President and Chief Operating Officer Thomas Nolan have agreed to remain in their roles to oversee General Growth’s emergence from the largest real estate bankruptcy in U.S. history.

Metz and Nolan will continue to manage the final phases of the restructuring of the No. 2 U.S. mall owner — including a planned equity raise — and will continue to lead the company’s financial and operational strategy, the company said.

General Growth’s new board, which will assume its role following emergence from bankruptcy, is expected to select a long-term management team during the transition period, the company said.

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