real estate

General Growth hires Equity LifeStyle’s Berman as finance chief

Posted 11/29/11

CHICAG0 - General Growth Properties Inc., the second-largest U.S. mall landlord and the parent company of Providence Place, has named Michael Berman its chief financial officer, a position he held at Equity LifeStyle Properties Inc., an owner of manufactured-home communities.

Berman’s hiring is effective Dec. 15, Chicago-based General Growth said Monday in a statement. He will replace Steve Douglas, who joined the company in 2010 and will return to Brookfield Asset Management Inc., according to the statement. Brookfield was in the investor group that brought General Growth out of Chapter 11 bankruptcy last year and is the mall owner’s largest shareholder, data compiled by Bloomberg show.

Berman was chief financial officer and treasurer at Equity LifeStyle since 2003, according to the statement. The company, whose chairman is billionaire investor Sam Zell, appointed Marguerite Nader as chief financial officer effective Monday, Chicago-based Equity LifeStyle said in a separate statement.

General Growth rose 3.9 percent to $13.50 at the close Monday in New York. The shares have lost 13 percent this year.

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