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CHEVY CHASE, MD-The former president of Mills Corp., Mark D. Ettenger, has left the company, according to a filing with the Securities and Exchange Commission. It was unclear from the filing whether he was fired or resigned. He will still receive a salary until a final decision is reached as to his severance package.
Other high-level departures from the embattled company include James A. Napoli, executive vice president of leasing, who gave notice at the end of July that he was terminating his employment for "good reason" as a result of the reassignment in June of his responsibilities for in-line leasing to another officer, according to another filing. Napoli's termination will become effective on or before Oct. 27. He is entitled to a severance payment of approximately $1.5 million plus a pro-rated short-term performance incentive plan payment of approximately $173,000. In April, Kenneth Parent, former chief operating officer left, although he is making himself available for business issues.
This is the latest round of news from the company, which is struggling with an SEC accounting probe launched in March, and an audit report from Ernst & Young throwing doubt on the company's ability to repay $2 billion--all of which has been worsened by higher than expected construction costs for its Xanadu complex at the Meadowlands in New Jersey. Earlier this week, Mills Corp. agreed to sell its interests in developments in Canada, Scotland and Spain for $981 million.
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