UPDATE 1-Howard Hughes names new CEO, to sell assets worth $2 bln [Reuters (UK)]
Howard Hughes Corporation (The) (HHC)
Last howard hughes corporation (the) earnings: 2/27 04:26 pm
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Source: Reuters
Howard Hughes names new CEO, to sell assets worth $2 billion - Reuters 2 Min Read (Reuters) - Real estate developer Howard Hughes Corp ( HHC.N ) on Monday named a new chief executive officer and said it would sell about $2 billion of non-core assets following a strategic review. Shares of the company were down about 18% at $105 in extended trading. Paul Layne has been named CEO, effective immediately. He will replace David Weinreb who, along with the president Grant Herlitz, will step down from the company. Layne was most recently the president of the company’s Central Region, which include properties The Woodlands, The Woodlands Hills and Bridgeland in Texas. In June, the real estate developer hired Centerview Partners to explore strategic alternatives that included a potential sale of the company. These asset sales along with changes to the company’s organizational structure is expected to reduce overhead costs by $45 million to $50 million per year. Activist investor William Ackm
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