Kieras succeeds John Simon, who is retiring after 27 years with Taubman. Simon had spent nine years as head of the Taubman development department. He contributed to the development and expansion of more than 20 centers and recently completed a major reorganization of the development group to streamline the predevelopment process. He leaves the company with a strong pipeline of new projects, says chairman, president and chief executive officer Robert S. Taubman.

"The hallmark of our company has always been innovative major retaildevelopment," Taubman says. "Steve has outstanding and proven skills and is one of our most capable executives. I am confident that he will build on our tradition of creating first class shopping centers."

Kieras spent six years at the US Environmental Protection Agency and nine years of experience developing a variety of commercial, residential and resort projects before joining the Taubman organization in 1990 as director, development. Kieras was named vice president, development in 1998 and was promoted to group vice president, development in 2001. He recently was project leader for developments including MacArthur Center in Norfolk, VA, which opened in 1999; The Mall at Millenia in Orlando; Stony Point Fashion Park in Richmond, VA; and Northlake Mall in Charlotte.

"Developing successful shopping venues requires vision, skill andperseverance," Kieras says. "With the best team in the business, I amconfident that we will continue to deliver high quality, high returnopportunities to fuel the company's external growth."

Simon will serve as a consultant to Taubman through 2006. He has agreed to a non-compete provision through 2007.

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