CHICAGO-General Growth Properties Inc. has hired Michael Berman as CFO for a salary of $750,000 per year. Berman was formerly EVP and CFO of locally based Equity LifeStyle Properties Inc., a Sam Zell company.
The current GGP CFO, Steven Douglas, was formerly president of New York Based-Brookfield Properties Corp. He left to join GGP in July 2010, as Toronto-based Brookfield Asset Management helped finance GGP out of its bankruptcy.
Douglas has been hired to take a management role with Brookfield Asset Management, according to a company spokesman. According to a GGP SEC filing, the company will pay Douglas a lump sum payment of $500,000, and will help sell his $1.5 million house in the Chicago area.
Sandeep Mathrani, CEO with GGP, said he wishes Douglas success. “We thank Steve for his dedication and tenacity in achieving a stable financial and reporting platform from which GGP can prosper,” Mathrani said in a statement.
Berman, who had been with Equity since 2003, will also receive an initial grant of 400,000 non-qualified GGP stock options which will vest over five years, and 50,000 shares of restricted stock which will vest over three years. He will receive a guaranteed discretionary award in 2012 of $450,000, and a guaranteed minimum incentive payment of $750,000 for 2013. “Mr. Berman’s broad financial and accounting experience in the real estate sector will be a valuable asset to the company,” Mathrani said.
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