Douglas Departs Brookfield for General Growth

Douglas succeeds interim CFO Ed Hoyt. General Growth is working to exit bankruptcy after having declared Chapter 11 last year.

July 26, 2010
By Allison Landa, News Editor

In conjunction with Brookfield Asset Management’s recapitalization of bankrupt mall REIT General Growth Properties, Brookfield president Steve Douglas has resigned to become executive vice president and chief financial officer at General Growth.

Brookfield has not yet replaced Douglas, the firm said.

General Growth went bankrupt last year. It is now exiting from bankruptcy due to the recapitalization.

“We thank Steve for his invaluable contributions to the success of Brookfield Properties,” Brookfield chief executive officer Ric Clark said. “We thank Steve for his invaluable contributions to the success of Brookfield properties and wish him well as he joins General Growth.”

Brookfield owns, develops and manages office properties, with a current portfolio of 93 properties totaling 70 million square feet in New York, Boston, Washington, DC, Los Angeles, Houston, Toronto, Calgary and Ottawa.