Howard Hughes Corp , which counts activist investor William Ackman as chairman, ...
), which counts activist investor William Ackman as chairman, said on Monday it would sell about $2 billion of non-core assets following a strategic review and announced a management reshuffle.
Ackman, however, said in a conference call with analysts that the company would only consider selling itself if a substantial premium was offered.In June, the real estate developer hired Centerview Partners to explore strategic alternatives that included a potential sale of the company. The company named Paul Layne as CEO, effective immediately. He will replace David Weinreb who, along with the president Grant Herlitz, will step down from the company.Layne was most recently the president of the company’s Central Region, which include properties The Woodlands, The Woodlands Hills and Bridgeland in Texas.
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