General Growth close to naming new CEO-source

* Company close to deal with Vornado exec to be new CEO

* Official announcement could come this week

NEW YORK, Oct 24 (BestGrowthStock) – General Growth Properties Inc
(GGP.N: ) is close to reaching a final agreement with Sandeep
Mathrani, Vornado Realty Trust (VNO.N: ) vice president, to
become the No. 2 U.S. mall owner’s new chief executive officer
once it emerges from bankruptcy next month, a source familiar
with the situation said.

The incoming board of the No. 2 U.S. mall owner met on
Friday and has reached an agreement in principal with Mathrani,
said the source, who was not authorized to speak publicly on
the matter. Final negotiations are ongoing.

“It’s pretty much a done deal,” the source said.

An official announcement could come as early as the middle
of this week, the source said.

Although chiefly an owner of office buildings, Vornado has
164 retail properties totaling 22.7 million square feet
overseen by Mathrani. Of those properties, 14 are malls,
including Kings Plaza Shopping Center in Brooklyn New York;
Monmouth Mall in Eatontown, New Jersey; and The Cannery in San
Francisco. Much of Vornado’s retail properties consist of
smaller shopping centers throughout the country as well as
street-level stores located in office buildings in Manhattan.

Mathrani joined Vornado in 2002 following eight years at
Forest City Ratner, where he was executive vice president of
retail development and leasing in the New York metropolitan
area.

Calls to a Vornado representative and Mathrani were not
immediately returned on Sunday. A spokesman for General Growth
declined comment.

The company also has a strong number two candidate, Daniel
Hurwitz, president and CEO of Developers Diversified Realty
Corp (DDR.N: ), the source said. Calls seeking comment from
Developers Diversified and Hurwitz were not immediately
returned.

General Growth is set to exit bankruptcy around Nov. 8 with
a new board of directors, which will include its new CEO. It
will emerge as two companies, one which will house 185 retail
properties most of which are malls. The other, the Howard
Hughes Corp, will be comprised of its master-planned
residential community business, as well as its development and
other non-income producing properties.

(Editing by Bernard Orr)

General Growth close to naming new CEO-source