The Mills Corporation announced several important management changes as part of the Company's continuing efforts to restructure operations to facilitate the strategic alternatives process, create shareholder value by conserving cash and reducing debt. Chairman and Chief Executive Officer Laurence C. Siegel commented, "These organizational changes are intended to create a management structure that focuses on day-to-day operational matters that will enhance the value of our properties.
These changes also will allow certain members of management, including President Mark Ettenger, to focus exclusively on the strategic alternatives process. "We are very pleased that the members of our senior management team, some relatively new to The Mills and some Company veterans, are taking on new responsibilities. These individuals, who are dedicated to the success of our strategic process, have also proven in their careers their ability and drive to make us better controlled and financially and operationally stronger."
The changes announced today include the following:
• Mark Ettenger, in a role designed to help deliver value to our shareholders, will exclusively devote his time to advising the newly formed Special Negotiating Committee of the Board and Mr. Siegel, who will manage the strategic alternatives process.
• Mark Ordan, who joined the Company as Chief Operating Officer in March 2006, will assume responsibility for Asset Management and International Operations, in addition to his previously announced responsibility for Leasing, Development and Marketing. Mark reports directly to Mr. Siegel.
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