DALLAS—The Howard Hughes Corp. said Tuesday it had signed CEO David Weinreb to a 10-year employment agreement. Weinreb, who has led Howard Hughes since the development company's inception in 2010, recently returned the vote of confidence by acquiring $50 million of the company's common stock.
“As evidenced by my recent investment, I am more inspired and confident in HHC's prospects today than ever,” Weinreb says. “Over the past six-plus years, we have transformed a collection of disparate assets into a market leading enterprise that will act as the foundation for the next stage of the company's growth.
“Having skin in the game has always been core to my investment philosophy,” he adds. “This investment affirms my belief in the business and my team's commitment to creating long-term shareholder value.”
In Weinreb's most recent annual letter to shareholders this past April, he wrote that he and his team were “in the early stages of our journey reinventing the Howard Hughes legacy. As the company evolves into a revenue-generating portfolio of assets with a management team that has expertise across our businesses, we are 'still reaching for the sun'—with a goal to create one of the great companies of our time.”
Company chairman William Ackman comments that Weinreb's “proven track record” at the helm of the company represents “a testament to David's leadership and ability to assemble a world-class team.” Since Weinreb took the company public, HHC has delivered a total shareholder return of 207.4% versus 102.0% for the S&P 500.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
