By Reuters
The new chief executive of General Growth Properties Inc. said the company plans to sell some malls, cut debt and expenses and raise occupancy rates and some rents to boost income and put its bankruptcy behind it.
Sandeep Mathrani, who has been the CEO of the No. 2 U.S. mall owner for about 40 days, said Tuesday that he expects to reduce the number of malls the company owns to 150 from 169. It plans to sell the 19 other malls, which contribute a minimal amount to its income. The company had more than 200 malls before it filed for bankruptcy in April 2009. Get the full story »
By Dow Jones Newswires-Wall Street Journal
General Growth Properties Inc.’s incoming chief executive is beginning to shuffle the mall owner’s executive ranks in advance of his arrival.
Sandeep Mathrani, the Vornado Realty Trust veteran who officially will join General Growth as CEO on Jan. 17, disclosed in an email sent to General Growth employees late Tuesday that long-time executives Robert Michaels and Ron Gern will leave the mall owner. Get the full story »
By Reuters
Bankrupt mall owner General Growth Properties Inc. is in talks to hire Vornado Realty Trust executive Sandeep Mathrani as its next chief executive, The Wall Street Journal reported Sunday.
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