General Growth names Douglas new finance chief

General Growth Properties Inc., the second-largest U.S. mall operator, appointed Steven J. Douglas as executive vice president and chief financial officer, effective immediately.

Douglas succeeds Ed Hoyt, who has been the company's interim CFO since 2008, Chicago-based General Growth said in a statement today. Douglas was previously president of Brookfield Properties Corp., the owner of Canada's tallest skyscraper and New York's World Financial Center.

"We are extremely pleased to welcome Steve to our management team," Chief Executive Officer Adam Metz said in the statement. "His financial expertise and industry experience make him well qualified to lead GGP's finance operations as we enter a new stage in the company's history."

General Growth began the largest real-estate reorganization in history by filing under Chapter 11 in April 2009. The company had amassed a $27 billion debt load while making acquisitions. Its exit from bankruptcy is being financed by companies including Brookfield Asset Management Inc., which is Brookfield Properties' principal shareholder.

Douglas will be paid an annual salary of $650,000, General Growth said in a regulatory filing.