CHICAGO — Steven Douglas has resigned as president of Brookfield Properties Corp. to take the position of executive vice president and CFO/director of accounting and finance for General Growth Properties (GGP). Ed Hoyt will step aside as interim CFO for GGP but will continue to serve as senior vice president and chief accounting officer.

"We are extremely pleased to welcome Steve to our management team," said Adam Metz, CEO of GGP, in a 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. We are nearing completion of our restructuring and emergence process and adding Steve to our team further enhances our position for long-term success. We are also grateful to Ed for his contributions surrounding our recent challenges and throughout this transition period."

Douglas was a member of Brookfield for more than 16 years. Prior to taking over as president in 2009, he served as senior managing partner with Brookfield Asset Management, which is currently helping recapitalize GGP during its bankruptcy restructuring. From 1996 to 2003 he also served as CFO of Brookfield Properties, during which time the company went public. The position of president of Brookfield Properties will remain open for the near term.

"We thank Steve for his invaluable contributions to the success of Brookfield Properties and wish him well as he joins General Growth," said Ric Clark, CEO of Brookfield, in a statement.

— Coleman Wood