General Growth Properties Announces Departure Of Executive Vice President Hugh
CHICAGO, Dec. 3, 2012
CHICAGO, Dec. 3, 2012 /PRNewswire/ -- General Growth Properties, Inc.
(NYSE:GGP) ("GGP" or the "Company") today announced Executive Vice President
of Capital Markets Hugh Zwieg will leave the Company at the end of the year.
Mr. Zwieg joined GGP in March of 2010.
During Mr. Zwieg's tenure, GGP issued approximately$2.3 billion of equity
upon its emergence from bankruptcy; effected the Howard Hughes Corporation
spin-off; effected the Rouse Properties, Inc. spin-off; refinanced
approximately $12.1 billion of property level debt ($10.2 billion at share);
lowered the average interest rate from 5.49% to 4.51%; generated approximately
$2 billion of net proceeds; and laddered maturities.
"When Hugh arrived in 2010, he began taking steps to derisk our balance sheet
and rebuild relationships with lenders. He is a valued member of GGP's
executive management team. Hugh has decided to pursue other ventures, and I
wish him the very best in his future endeavors," said Chief Executive Officer
Chief Financial Officer Michael Berman will assume responsibility for the
Capital Markets group. Mr. Zwieg will remain with the Company through the end
of December to help transition.
General Growth Properties, Inc. is a fully integrated, self-managed and
self-administered real estate investment trust exclusively focused on owning,
managing, leasing, and redeveloping high-quality regional malls. GGP's
portfolio is comprised of 127 malls in the United States and 16 malls in
Brazil comprising approximately 135 million square feet. GGP is headquartered
in Chicago, Illinois, and publicly traded on the NYSE under the symbol GGP.
Kevin Berry, Vice President of David Keating, Vice President of Corporate
Investor Relations Communications
(312) 960-5529 (312) 960-6325
SOURCE General Growth Properties, Inc.
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