For starters, Mills' plan calls for the boosting of the company's concentration on its core operations by training an even more focused eye on its policy of pursuing projects that will result in substantial shareholder value. As a result, the company will back away from 10 predevelopment pursuits that do not fit the bill, including six projects in the US. "Our approach to every project will continue to stress discipline and a careful evaluation of risk-adjusted return, so that we can determine if the value to be created warrants the level of capital and management attention needed to pursue each opportunity," says Mills president Mark D. Ettenger.

Mills will also see a change in management, with the departure of a total of 17 officers as the result of the company's workforce reduction plan, as well as retirements and other departures. There will be further changes in management at Mills, in addition to the aforementioned departures. Edward S. Civera, Board chair of HealthExtras Inc., has been tapped to sit on Mills' Board of Directors as an independent member and as a member of the company's Audit Committee. Additionally, Mills' Scott Ball will take on the role of head of the asset management division, assisting in the company's goal of increasing operating efficiencies and cutting costs.

Finally, Mills will restate its earnings for the period between the first quarter of the year 2000 and the third quarter of 2005 based on an audit that revealed accounting errors stemming, for the most part, from subsidiary Mills Enterprises Inc., which is a REIT. "The significant actions that we are announcing today reflect our absolute commitment to do the right thing for the company and our shareholders," says Mills chairman and CEO Larry C. Siegel. "We are confident that our renewed focus on our core operations, along with the measures that are being taken to increase operating efficiencies and improve our cost structure, should result in a stronger company, better able to deliver sustained future growth and value to our shareholders."