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TrizecHahn Cuts Staff on Both Sides of the Border, Consolidates

CHICAGO-The Toronto-based office building owner cuts US and Canadian payroll by 15% but is consolidating accounting, payroll and information systems. The unified operations will be based in the Sears Tower and run by recently appointed chief financial officer Gregory Hanson.

By Mark Ruda | Updated on June 26, 2001

CHICAGO-TrizecHahn Corp.’s accounting, payroll and information systems will be based here under a reorganization plan that includes 200 layoffs unveiled by the Toronto-based office building owner. Those operations are being run at the company-owned Sears Tower by chief financial officer Gregory Hanson, hired away from GE Capital Real Estate last month.

Hanson, president Casey Wold and Antonio Bismonte will report directly to president and chief executive officer Christopher Mackenzie. Wold will oversee capital transactions, including an upcoming $1.44 billion in commercial mortgage pass-through certificates, as well as disposition of non-core North American assets. Bismonte will be in charge of operations and leasing, overseeing regional heads Steve Budorick, Paul Layne and Doug Winshall.

The layoffs, which include 19 senior managers, represents 15% of TrizecHahn’s US and Canadian work force. TrizecHahn will take a charge of up to $40 million in the second quarter to pay for severance, benefits and other costs of the reorganization. The company expects to recoup $24 million in savings from the move in 2002 and 2003.

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