The Howard Hughes Corporation Names Andrew C. Richardson as Chief Financial Officer
NEW YORK--The Howard Hughes Corporation (NYSE: HHC) announced today that Andrew C. Richardson has been appointed to serve as the company's Chief Financial Officer effective March 28, 2011. Mr. Richardson will report directly to David R. Weinreb, the company’s Chief Executive Officer. Grant Herlitz, the company’s President, has been serving as the company’s interim Chief Financial Officer.
David R. Weinreb, CEO, stated, "I am pleased to have Andy join The Howard Hughes Corporation. Andy’s background in capital markets and real estate will complement the strengths of our Executive Team as we work to maximize shareholder value.”
Since 2006, Mr. Richardson has served as the Chief Financial Officer and Treasurer of NorthStar Realty Finance Corp. (NYSE: NRF), a publicly traded commercial real estate finance company focused on investment in real estate loans, fixed income securities and net-leased real estate properties. Prior to joining NorthStar, Mr. Richardson was an Executive Vice President with iStar Financial Inc. Mr. Richardson also served in various capacities at Salomon Smith Barney, including Vice President in the real estate investment banking group focused on mergers and acquisitions and raising capital for public and private companies. Early in his career, Mr. Richardson was also a Certified Public Accountant with Ernst & Young.
William A. Ackman, Chairman of the Board of the company, stated, “Andy joins our Executive Team in making a significant long-term personal investment in the company. His track record and public company experience will be a great asset to the The Howard Hughes Corporation.”
Mr. Richardson will purchase a seven-year warrant to acquire 178,971 HHC common shares with a strike price of $54.50 for $2 million. The warrant is designed to be illiquid and is not exercisable for six years except in the event of a change of control, termination of the executive without cause, or the separation of the executive from the company for good reason. In addition, for the first six years of the warrant's term, the executive is prohibited from selling, hedging, or otherwise reducing his net long exposure to the shares underlying the warrants.
Mr. Richardson commented, “I am delighted to have the opportunity to partner with an entrepreneurial and well-regarded management team backed by strong institutional sponsors at the early stages of HHC. I look forward to working with the Howard Hughes team to fully realize the potential of the company’s unique collection of world-class assets.”
ABOUT THE HOWARD HUGHES CORPORATION
The Howard Hughes Corporation owns, manages and develops commercial, residential and mixed-use real estate throughout the country. Created from a selected subset of 34 assets previously held by General Growth Properties, the company's properties include master planned communities, operating properties, development opportunities, and other unique assets spanning 18 states from Hawaii to New York.
Master Planned Communities
The company owns, develops, and sells property in four master planned communities that include over 14,000 acres of marketable land, including Summerlin in Las Vegas, Bridgeland and The Woodlands in Houston, and Columbia, Fairwood, and Emerson in Columbia Maryland.
The company's eight operating properties are primarily retail and include South Street Seaport (Manhattan, NY), various properties in Columbia Town Center (Columbia, MD), Landmark Mall (Alexandria, VA), Riverwalk Marketplace (New Orleans, LA), Rio West Mall (Gallup, NM), Cottonwood Square (Holladay, UT), Park West (Peoria, AZ), and Ward Centers (Honolulu, HI).
The company also has a diverse pipeline of near, mid and long-term real estate developments. These range from air rights and surface parking lots to aging properties poised for redevelopment.
Safe Harbor Statement
Statements made in this press release that are not historical facts, including statements accompanied by words such as “will,” “believe,” “expect” or similar words, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements in this press release related to maximizing shareholder value and realizing the potential of the assets of The Howard Hughes Corporation are forward-looking statements. These statements are based on management’s expectations, estimates, assumptions and projections as of the date of this release and are not guarantees of future performance. Actual results may differ materially from those expressed or implied in these statements. Factors that could cause actual results to differ materially are set forth as risk factors in The Howard Hughes Corporation’s filings with the Securities and Exchange Commission, including its Registration Statement on Form 10, as amended. The Howard Hughes Corporation cautions you not to place undue reliance on the forward-looking statements contained in this release. The Howard Hughes Corporation does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release.
Source: The Howard Hughes CorporationContact:
The Howard Hughes Corporation
Kay Weinmann, 214-741-7744