* Brookfield Asset management CEO Flatt to be chairman
* CEO of Brookfield Properties to join board
Oct 5 General Growth Properties Inc (GGP.N), on
Tuesday named the nine members of the board of the new company
that will emerge from bankruptcy and take the No. 2 U.S. mall
owner forward and select its new chief executive and president.
General Growth said Bruce Flatt, chief executive of
Brookfield Asset Management (BAMa.TO), will be the chairman
upon emergence from bankruptcy in early November.
As expected, Chairman John Bucksman, the former CEO who
headed the company as it collapsed under the weight of debt
last year, will not be on the board.
General Growth, the bankrupt mall owner and property
developer, also said Ric Clark, chief executive of Brookfield
Properties BPO.TO, and Cyrus Madon, senior managing partner
at Brookfield Asset Management, will join its board.
General Growth's CEO Adam Metz and current lead director
Sheli Rosenberg will be part of the board that will also
include John Schreiber, president of Centaur Capital Partners
and partner at Blackstone Real Estate Advisors.
Other members who will join the board of new GGP include
Mary Lou Fiala of International Council of Shopping Centers,
David Neithercut, CEO of Equity Residential (EQR.N) and General
Growth's current director John Haley.
General Growth filed for protection from its creditors in
April 2009, to become the biggest U.S. real-estate bankruptcy.
It plans to emerge from bankruptcy protection in November in
the form of two companies.
The exit plan is being bankrolled by an $8.5 billion of
commitments from investors led by Brookfield Asset Management
and include Pershing Square Capital Management L.P. and fund
manager Fairholme Funds Inc.
(Reporting by A.Ananthalakshmi in Bangalore; Editing by Vinu
Pilakkott) ((firstname.lastname@example.org; within U.S.
+1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters