Mall developer Mills Corp. (MLS) announced today that Laurence Siegel, chief executive officer, retired over the weekend. He is the second high-ranking executive to leave the company, which is currently under investigation for accounting problems, in recent months.
Siegel will remain as the non-executive chairman of the company's board of directors, a deal that was reached with this Chevy Chase-based company.
Mark S. Ordan, serving as chief operating officer since March 2006, has been appointed to take Siegels place immediately. In a company press release Siegel is quoted as saying, "Mark has helped strengthen our operations since March and the Company will continue to benefit from his leadership as it pursues the previously announced strategic alternatives process."
The process he alludes to is where The Mills will continue to work with Kan Am USA Management XXII and Colony Capital
Acquisitions, LLC to resolve the complex issues necessary to close the Meadowlands
Xanadu transaction. If and when this transaction is concluded, Mr. Siegel may join the
new joint venture and would then remain on The Mills’ Board but resign as nonexecutive
Chairman, as quoted from the same press release.
Siegel will receive a $2.5 million severance payment and if the company is bought before the end of 2007 he will recieve a further $10.5 million, according to a filing by the Securities and Exchange Commission quoted in this WashingtonPost.com article.
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Posted by: Anonymous | October 20, 2008 3:22 AM | Permalink to Comment