While not tied to the moves directly by the company, officials said in the statement that an "affiliate of a Bucksbaum family trust" advanced unsecured loans to Michaels and former director and CFO Bernard Freibaum, who was let go by the company earlier this month. The loans were for the purpose of repaying personal margin debt relating to company stock. "The loan to Michaels, which totaled $10 million, has been repaid in full," according to a company spokesman. "The loan to Freibaum, whose employment was terminated prior to the Board's knowledge of these loans, totaled $90 million, and has $80 million presently outstanding." The spokesman refused further comment.

Company officials said in the statement that no laws or SEC rules were broken by the loans and no company assets or resources were involved. The loans did violate company policy, the officials said.

Metz, 47, is a founding partner of Polaris Capital LLC. Nolan was a managing director of Trefethen & Co., and has experience with troubled debt restructuring as a former employee of AEW Capital Management LP. Analysts have said that the "interim" titles suggest GGP is still shopping for a buyer of the company, but are skeptical that another company would want to take on so much debt. "We continue to believe that the M&A option is an unlikely rescue for GGP investors, given the potential suitors unlikely willingness to incur nearly $30 billion of debt, much of which matures in the next few years," said Paul Morgan with FBR Capital Markets.