THE WOODLANDS – (Realty News Report) – Paul Layne has retired from his position as CEO of The Howard Hughes Corp., the firm that developed The Woodlands, Bridgeland and Summerlin in Las Vegas and other properties around the nation.
Layne, who joined Howard Hughes Corp.in 2012, 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,” stated Bill Ackman, Chairman of The Howard Hughes Corp., which has its shares traded on the New York Stock exchange.
Layne, 63, worked at the renowned Horne Co. early in his career. Layne then began working for companies that owned downtown office towers, including Brookfield Properties, Trizec Properties and Prime Asset Management. He is a graduate of the University of Houston.
Moved Corporate HQ from Dallas to The Woodlands
Layne played a strong role in relocating the headquarters of Howard Hughes from Dallas to Houston, a move that suffered delays due to the pandemic.
He led the strategic acquisition of approximately 1.4 million square feet of premium office space (the former Anadarko towers) and developable land in The Woodlands from Occidental Petroleum, and spearheaded the development of 110 North Wacker, a Class A tower in Chicago set to open next month.
David O’Reilly, President and Chief Financial Officer, has been named interim Chief Executive Officer of the company. The firm said its Board of Directors will conduct a search for a permanent CEO and will consider both internal and external candidates for the position.
Shares of HHC closed Monday at $56.19, down $3.87.
In a RCLCO report earlier this year, Bridgeland was ranked No. 10 in the nation in new home sales and Summerlin in Las Vegas was 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.