Howard Hughes Corp. (HHC) Announces David O'Reilly as Interim CEO

The Howard Hughes Corporation® (NYSE: HHC) today announced that David O'Reilly, President and Chief Financial Officer, has been named interim Chief Executive Officer. Paul Layne has retired as Chief Executive Officer, effective September 17, 2020. Mr. Layne will also step down from the Company's Board of Directors.

During his nine-year tenure at Howard Hughes, Mr. Layne has played a key role in a period of enormous growth and transformation at the Company. He served as Chief Executive throughout the execution of the Transformation Plan announced in 2019, which strategically focused the organization on its core master planned communities (MPCs), sold non-core assets, and moved its headquarters from Dallas to Houston, into The Woodlands® Towers at The Waterway. He led the strategic acquisition of approximately 1.4 million square feet of premium office space 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. Mr. Layne steered the Company through the onset of the coronavirus pandemic and leaves Howard Hughes in a strong and opportunistic position as a result of its recent highly successful equity and bond offerings.

"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 Corporation. "On behalf of myself and the Board, I would like to thank Paul for his many contributions to the Company."

"It has been an exceptionally fulfilling privilege to lead The Howard Hughes Corporation through such a critical period in the Company's history," said Paul Layne. "Together, we have come through stronger than ever, and I am incredibly proud of all we have achieved. I wish David and the Board continued success as Howard Hughes embarks on this next chapter of its transformation."

David O'Reilly has served as Chief Financial Officer at The Howard Hughes Corporation since 2016 and expanded his role when he was appointed President in June 2020. With his substantial financial, operating, and real estate experience, David has been a key player in the Company's efforts to focus its portfolio, strengthen its financial standing, and ensure the long-term success of the business and its communities.

The Board of Directors will conduct a search for a permanent CEO and will consider both internal and external candidates for the position.

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