$$ General Growth Taps Brookfield Exec…

• Posted by ToddSullivan
• on July 26th, 2010

Nice move….

Moves like this have been telegraphed but I do not think believed by investors. It also will not be the last. BAM will not invest billions and be a passive participant in what happens to that investment. Douglas will bring the same type of discipline to GGP that allowed the BAM/BPO organization to emerge from the recent “CRE Meltdown” (as the media portrays it) essentially unscathed and in all reality in a far stronger competitive position that before it.

Look for more moves like this to GGO as its management team takes shape.

From BPO

-Brookfield Properties Corporation (NYSE, TSX: BPO) announced today that Steven J. Douglas has resigned as President of the company, effective immediately, to assume the position of Executive Vice President and Chief Financial Officer/Director of Accounting and Finance at General Growth Properties (NYSE: GGP).

“We thank Steve for his invaluable contributions to the success of Brookfield Properties and wish him well as he joins General Growth which is being recapitalized by our principal shareholder, Brookfield Asset Management.”
Ric Clark, Brookfield’s Chief Executive Officer, stated, “We thank Steve for his invaluable contributions to the success of Brookfield Properties and wish him well as he joins General Growth which is being recapitalized by our principal shareholder, Brookfield Asset Management.”

From GGP:

General Growth Properties, Inc. (NYSE:GGP) today announced it has appointed Steven J. Douglas as executive vice president and chief financial officer/director of accounting and finance, effective immediately. Mr. Douglas, who served most recently as president of Brookfield Properties Corporation, succeeds Ed Hoyt, who has been GGP’s interim chief financial officer since 2008. Mr. Hoyt will continue to serve as senior vice president, chief accounting officer for GGP.

Adam Metz, chief executive officer of GGP remarked, “We are extremely pleased to welcome Steve to our management team. His financial expertise and industry experience make him well qualified to lead GGP’s finance operations as we enter a new stage in the company’s history. We are nearing completion of our restructuring and emergence process and adding Steve to our team further enhances our position for long-term success.”

Mr. Metz added, “We are grateful to Ed for his contributions surrounding our recent challenges and throughout this transition period.”

Mr. Douglas was a key member of the Brookfield team for more than 16 years, serving in a variety of senior positions. Prior to his role as president of Brookfield Properties Corporation, which he assumed in 2009, Mr. Douglas was a senior managing partner at Brookfield Asset Management, where he focused on the company’s operations and international portfolio. From 2003 to 2006, he was chief financial officer of Falconbridge Limited. From 1996 until 2003, Mr. Douglas served as chief financial officer of Brookfield Properties, a period that saw the company’s re-launch as a public company and the completion of three major acquisitions. Mr. Douglas joined Brookfield from Ernst & Young.

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