CHICAGO — Two independent directors at Chicago-based General Growth Properties Inc. (NYSE: GGP) have assumed senior interim management positions: Adam Metz will serve as interim CEO, replacing John Bucksbaum, and Thomas Nolan Jr. will serve as interim president, replacing Robert Michaels. Bucksbaum and Michaels resigned their positions effective Oct. 26, according to an 8-K filed with the Securities and Exchange Commission today. Bucksbaum will continue to serve as chairman of the company, and Michaels, who has given up his board seat, will serve as COO as well as a senior officer of the company. Metz is a founding partner of Polaris Capital LLC; Nolan most recently served as a managing director of Trefethen & Co.
As a response to economic challenges facing General Growth, the company has placed its Las Vegas portfolio of retail properties up for sale. The portfolio includes Fashion Show Mall, Grand Canal Shoppes and The Palazzo. Goldman, Sachs & Co. and Eastdil Secured are responsible for the marketing effort, which is expected to begin immediately. Additionally, the company is working with its lenders to extend the November 28, 2008 maturity date of loans for Fashion Show Mall and The Palazzo. General Growth Properties continues to remain current on all of its debt obligations.