Mark Ettenger, Mills' president, Goldman, Sachs & Co. and JP Morgan Securities, are heading the potential sale process. Suitors for the company include Vornado Realty Trust. Speaking at an investor conference yesterday in New York City, a Vornado executive did not specify about his firm's interest in Mills.

Dausch, who joined Mills in 1995, is leaving his position with the company on May 2. He will continue to serve as a consultant with the firm on its development of Meadowlands Xanadu, a 4.7-million-sf a retail-entertainment destination in Bergen County, NJ. Mike Bryant, a consultant for Mills and former executive at the Rouse Co., is replacing Dausch.

Mills has hired Richard J. Nardeau, the former chief financial officer of Colt Defense LLC, as executive vice president of finance and accounting. He is assisting in the restatement of the company's financials since 2000 and is expected to transition in the position of chief financial officer.