THE WOODLANDS – (Realty News Report) – Paul Layne has retired from his role as Chief Executive Officer of The Howard Hughes Corporation, the developer behind master-planned communities such as The Woodlands, Bridgeland and Summerlin in Las Vegas, as well as other major properties across the United States.
Layne joined The Howard Hughes Corp. in 2012 and was named CEO less than a year ago.
“Paul’s superb oversight of the development of The Woodlands and his strong stewardship during the pandemic have created and preserved tremendous value for our shareholders, positioning Howard Hughes for long-term success,” said Bill Ackman, Chairman of The Howard Hughes Corp., which is publicly traded on the New York Stock Exchange.
Layne, 63, began his career with the well-known Horne Co. and later held roles at firms managing downtown office towers, including Brookfield Properties, Trizec Properties and Prime Asset Management. He holds a degree from the University of Houston.
Moved Corporate HQ from Dallas to The Woodlands
During his tenure, Layne led the company’s move of its corporate headquarters from Dallas to The Woodlands, a transition that faced delays due to the COVID-19 pandemic.
He also directed the strategic acquisition of roughly 1.4 million square feet of premium office space—the former Anadarko towers—and associated developable land in The Woodlands from Occidental Petroleum. In addition, he oversaw the development of 110 North Wacker, a Class A office tower in Chicago scheduled to open in the coming month.
David O’Reilly, President and Chief Financial Officer, has been appointed interim Chief Executive Officer. The company’s Board of Directors will conduct a search for a permanent CEO and will consider both internal and external candidates for the position.
Shares of The Howard Hughes Corp. (HHC) closed Monday at $56.19, down $3.87.
Industry rankings published earlier this year by RCLCO placed Bridgeland among the nation’s top communities for new home sales at No. 10, while Summerlin in Las Vegas ranked No. 4.
Sept. 21, 2020 Copyright 2020
File: Paul Layne Retires as CEO
File: HHC. The Woodlands. Bill Ackman. Paul Layne Retires as CEO 9-21-20.
