Scot Sellers to Be Named Chairman of the Board of Howard Hughes Holdings Inc. at Company’s Upcoming Annual Meeting
2024年4月4日 - 8:17PM
Howard Hughes Holdings Inc. (NYSE: HHH) announced today that
long-time Howard Hughes board member Scot Sellers will be named
Chairman of its Board of Directors at HHH’s upcoming annual
meeting. Sellers will succeed Pershing Square Capital Management,
L.P. (“Pershing Square”) Founder and CEO Bill Ackman, who will be
retiring from the HHH board after serving as its chairman since
founding Howard Hughes in 2010. Pershing Square Partner Ben Hakim
is being nominated for the Howard Hughes board to replace Ackman.
Pershing Square intends to remain a major, long-term shareholder of
HHH.
Sellers has served on the Board of Directors of Howard Hughes
since the company’s inception. With a career spanning over 40
years, Sellers has been responsible for the development,
acquisition, and operation of over $40 billion of apartment
communities in over 50 different cities across the United States.
He served as Chairman and CEO of Archstone, one of the world’s
largest multi-family housing companies, transforming the company
from a mid-sized owner of apartments in secondary and tertiary
cities to the largest publicly traded owner of urban high-rise
apartments in the nation’s premier cities. Sellers currently serves
on the board of The Irvine Company and is Chairman of the Board of
Maui Land & Pineapple Company.
“Howard Hughes is entering an exciting new chapter in the
company’s history, with tremendous opportunities for growth and an
active development pipeline of transformative projects that will
continue to distinguish the company’s national portfolio of
acclaimed communities,” said Scot Sellers. “The
Howard Hughes board and its executive leadership team have always
worked in close collaboration, and I look forward to supporting the
continued success of this dynamic company.”
Ackman will be stepping down from the Howard Hughes board after
serving as its chairman since the company’s spinoff from General
Growth Properties in 2010 as a publicly traded real estate company.
Since the spinoff, Howard Hughes has streamlined its portfolio and
focused its business on the development of large-scale mixed-use
communities, which include iconic assets such as The Woodlands® and
Bridgeland® in the Greater Houston area, Summerlin® in Las Vegas,
Ward Village® in Honolulu, and Downtown Columbia® in Maryland. The
company’s remaining non-core, entertainment-based assets in New
York City and Las Vegas comprise a division of HHH known as Seaport
Entertainment, which is expected to be spun off into its own
publicly traded company during 2024, with Howard Hughes remaining
as a pure-play real estate company focused solely on the growth of
its acclaimed master planned communities.
“When we spun-out Howard Hughes from General Growth Properties
14 years ago, it was a complicated collection of development
assets, master planned communities, income-producing properties,
and other assets,” said Bill Ackman. “The upcoming
spinoff of Seaport Entertainment will complete the company’s
transformation into a pure-play MPC company with a portfolio of
award-winning assets delivering record-breaking results that can be
more easily understood by investors. Pershing Square intends to
remain a substantial and committed long-term shareholder of Howard
Hughes fully dedicated to the company’s success. We are extremely
fortunate to have Scot lend his extensive experience and leadership
as the new chairman of Howard Hughes and for Ben to bring his
considerable real estate expertise to the board as the company
enters its next phase of growth.”
Ben Hakim is a Partner at Pershing Square and serves as
President of Pershing Square SPARC Holdings, Ltd. Hakim joined
Pershing Square as a member of its investment team in 2012. Prior
to joining Pershing Square, he was a Senior Managing Director at
The Blackstone Group, where he worked in the Mergers &
Acquisitions group for 13 years. Hakim received a Bachelor of
Science degree from Cornell University.
“We are fortunate that Scot has agreed to be our new Chairman of
the Board, and we look forward to welcoming Ben as the board’s
newest member,” said David R. O’Reilly, Chief Executive
Officer of Howard Hughes. “As Howard Hughes continues to
report record-breaking results across our portfolio, we are so
thankful to Bill for his years of leadership and for the
extraordinary vision he has maintained for this company as we
firmly established Howard Hughes as the nation’s leading community
builder.”
Howard Hughes reported record 2023 results in residential
price-per-acre as demand from homebuilders drove outsized land
sales and new-home sales across its communities soared, increasing
45% year-over-year. The company is expecting another record year in
2024 in terms of price-per-acre and acres sold. Demand for new
construction continues at a fervent pace as Howard Hughes
communities continue to attract new residents and employees, as
well as companies that are relocating to take advantage of a
high-quality lifestyle, well-educated talent pool, and
opportunities for personal and professional growth in an
amenity-rich, business-friendly environment.
About Howard Hughes Holdings Inc.Howard Hughes
Holdings Inc. owns, manages, and develops commercial, residential,
and mixed-use real estate throughout the U.S. Its award-winning
assets include the country’s preeminent portfolio of master planned
communities, as well as operating properties and development
opportunities including: the Seaport in New York City; Downtown
Columbia® in Maryland; The Woodlands®, Bridgeland® and The
Woodlands Hills® in the Greater Houston, Texas area; Summerlin® in
Las Vegas; Ward Village® in Honolulu, Hawaiʻi; and Teravalis™ in
the Greater Phoenix, Arizona area. The Howard Hughes portfolio is
strategically positioned to meet and accelerate development based
on market demand, resulting in one of the strongest real estate
platforms in the country. Dedicated to innovative placemaking, the
company is recognized for its ongoing commitment to design
excellence and to the cultural life of its communities. Howard
Hughes Holdings Inc. is traded on the New York Stock
Exchange as HHH. For additional information visit
www.howardhughes.com.
Safe Harbor StatementStatements made in this
press release that are not historical facts, including statements
accompanied by words such as “will,” “believe,” “expect,”
“enables,” “realize,” “plan,” “intend,” “assume,” “transform” and
other words of similar expression, are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. These statements are based on management’s expectations,
estimates, assumptions, and projections as of the date of this
release and are not guarantees of future performance. Actual
results may differ materially from those expressed or implied in
these statements. Factors that could cause actual results to differ
materially are set forth as risk factors in Howard Hughes Holdings
Inc.’s filings with the Securities and Exchange Commission,
including its Quarterly and Annual Reports. Howard Hughes
Holdings Inc. cautions you not to place undue reliance on the
forward-looking statements contained in this release. Howard
Hughes Holdings Inc. does not undertake any obligation to
publicly update or revise any forward-looking statements to reflect
future events, information or circumstances that arise after the
date of this release.
Media ContactCristina Carlson, 646-822-6910SVP,
Head of Corporate Communications
cristina.carlson@howardhughes.com
Investor Relations ContactEric Holcomb,
281-475-2144SVP, Investor
Relationseric.holcomb@howardhughes.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/18512bf0-a94e-4a71-a786-9aee6f81afcf
Howard Hughes (NYSE:HHH)
過去 株価チャート
から 5 2024 まで 6 2024
Howard Hughes (NYSE:HHH)
過去 株価チャート
から 6 2023 まで 6 2024