Mall operator General Growth Properties, Inc. (GGP) announced Thursday the appointment of Sandeep Mathrani as the new chief executive officer of the company, effective at the beginning of 2011. The company noted that Mathrani is the ideal candidate to lead General Growth as it enters a new era.
Mathrani, a real estate industry veteran with over 20 years of experience, succeeds Adam Metz, who served as CEO during General Growth's bankruptcy process.
"Sandeep is an exceptionally talented individual who has a proven track record as one of the best retail executives in America. Sandeep helped build two of the highest quality retail portfolios over the past 15 years and has been responsible for retail at both Vornado and Forest City," General Growth Chairman-elect Bruce Flatt said in a statement.
Mathrani comes to General Growth after serving as executive vice president of the retail real estate division of Vornado Realty Trust (VNO), the general partner of Vornado Realty LP for more than eight years since March 2002. He was responsible for all of the company's U.S. Retail Real Estate and all International operations.
Prior to joining Vornado, Mathrani spent 8 years with Forest City Ratner, where he served as executive vice president of its retail development and related leasing in the New York City metropolitan area.
"This is an exciting time to join GGP as we re-energize the organization to be the best-in-class retail company in the United States," Mathrani stated.
General Growth, which is likely to emerge from bankruptcy in early November and spun-off as The Howard Hughes Corp., announced earlier in the month an eight-member Board of Directors, while the ninth seat to be reserved for the CEO.
William Ackman would be the Chairman of the spin-off company. Ackman is the founder and CEO of Pershing Square Capital Management, L.P. and a director of General Growth from June 2009 to March 2010.
GGP sought Chapter 11 bankruptcy protection in April 2009 after failing to refinance portions of its $27 billion debt as they came due, filing the biggest real-estate bankruptcy in U.S. history.
Chicago-based General Growth Properties, the owner of more than 200 regional shopping malls in 43 states, is the second-largest mall operator in the U.S. after Simon Property Group by number of properties.
GGP closed Thursday's regular trading session at $16.49, down $1.68 or 5.49%, on a volume of 0.63 million shares, higher than the three-month average volume of 1.32 million shares.
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