General Growth put the word out last night that it will indeed name Sandeep Mathrani as its new CEO.
Mathrani, currently president of the retail division at Vornado Realty Trust, will assume the CEO post in early 2011. General Growth is set to emerge from its Chapter 11 bankruptcy protection on November 8. The firm will split into two entities. Mathrani will head the larger firm, which will control the bulk of the GGP's properties.
Mathrani replaces Adam Metz, who guided GGP through the bankruptcy process.
Full text of GGP's release is after the jump:
General Growth PropertiesSandeep Mathrani As Chief Executive Officer
, IL, [October 28], 2010 – General Growth Properties (NYSE: GGP) today announced Sandeep Mathrani as the company's chief executive officer.
Mr. Mathrani, 48, was previously president, Retail Division at Vornado Realty Trust, the general partner of Vornado Realty LP, a position he held since March 2002. Prior to joining Vornado, he served as an executive vice president of Forest City Ratner, an affiliate of Forest City Enterprises, from 1994 to February 2002 and was responsible for its retailand related leasing in the New York City metropolitan area.
GGP chairman-elect Bruce Flatt said Mr. Mathrani is the ideal candidate to lead GGP as it enters a new era. “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. His knowledge and expertise of the shopping center industry will undoubtedly help GGP retain its reputation as a premier shopping center REIT,” said Flatt.
Sandeep Mathrani will officially assume the CEO position at the beginning of 2011. He will succeed Adam Metz, who served as CEO during GGP's bankruptcy process.
Mr. Mathrani stated, “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.”
Bruce Flatt further commented, “We would like to extend our sincere gratitude to the former board of directors of GGP, in particular Adam Metz and Tom Nolan, for their hard work and dedication in seeing GGP through bankruptcy and positioning the company to successfully move forward.”