Rufrano Resigns From GGP Board to Avoid Conflict of Interest
- Mar 22, 2010
March 22, 2010
By Allison Landa, News Editor
Glenn Rufrano has resigned from the General Growth Properties Board of Directors due to his recent appointment as president and chief executive officer of Cushman & Wakefield Inc.
The move was made in order to avoid a conflict of interest since Cushman is a provider of appraisal services to GGP in conjunction with its ongoing financial restructuring and is consistent with bankruptcy code requirements. GGP is the nation’s second-largest shopping mall developer.
Rufrano was appointed to the board in July 2009.
“Glenn’s CEO and restructuring experience, combined with his regional shopping mall expertise, will be invaluable to the company as we continue to develop the plan to emerge from bankruptcy,” GGP chief executive officer Adam Metz said in a statement at the time Rufrano was appointed. “We are delighted to be able to strengthen our board with this latest addition and look forward to benefiting from his insights and experience.”
GGP is currently searching for a replacement for Rufrano.