- Push-out Score determined
- After about a year in the position
- Accolades, praise and thanks for Layne
- David O’Reilly taking over in the interim
- Search for a successor
- Layne kept it short and said 59 words
(exechange) — Houston, Texas, September 21, 2020 — Paul Layne, chief executive of Howard Hughes, leaves. As announced by Howard Hughes Corp. in a news release and in a regulatory filing published on Monday, September 21, 2020, Paul Layne has left his post as chief executive officer at the real estate development and management company after about a year in the role, effective September 17, 2020.
Howard Hughes will undertake a search for a successor.
Paul Layne’s duties as CEO will be taken over in the interim by David O’Reilly, most recently Chief Financial Officer of Howard Hughes Corp., as interim Chief Executive Officer.
No reason given
In the announcement, Howard Hughes did not explicitly explain the reason for Paul Layne’s move.
Precise information regarding Paul Layne’s future plans was not immediately available.
“Retired”
Howard Hughes said: “Paul Layne has retired as Chief Executive Officer, effective September 17, 2020. Mr. Layne will also step down from the Company’s Board of Directors.”
Howard Hughes further said: “On September 17, 2020, Paul Layne retired as our Chief Executive Officer (and simultaneously agreed to step down from the Company’s Board of Directors).”
Share price decline
The announcement follows a decline in Howard Hughes Corp.’s share price of 53% since October 2019.
Chaired by William A. Ackman
William A. Ackman has served as Chairman of the Board since November 2010. Ackman is the founder, chief executive officer and portfolio manager of Pershing Square Capital Management, L.P., an SEC registered investment adviser founded in 2003.
In the position of CEO since 2019
Paul Layne became CEO of the Company in 2019.
Paul Layne has served as a director and Chief Executive Officer since October 2019.
Layne joined the Company in 2012 and previously served as its President, Central Region. For more than 35 years, Layne has been a vital leader in Houston’s commercial real estate community as well as in national real estate.
Prior to joining the Company, Layne was Executive Vice President at Brookfield Properties Corporation, overseeing a 9.7 million square-foot portfolio in Houston’s Central Business District.
He was responsible for all of the region’s activities including leasing, operations, property management, legal, accounting, development and construction as well as being a member of Brookfield’s global partnership task force.
Layne received a B.S. in management from the University of Houston and attended South Texas College of Law.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Howard Hughes and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 39.2020 ($).