General Growth Replaces CEO and President, Will Sell Las Vegas Portfolio

New York City Real estate investment trust General Growth Properties Inc., the second-largest U.S. mall owner, has replaced its chief executive and president with two directors, and puts its Las Vegas property portfolio on the selling block in an effort to raise capital to pay down its debt.

The company replaced CEO John Bucksbaum, son of General Growth founder Matthew Bucksbaum, with Adam Metz.  Thomas Nolan has taken over the role of president, formerly held by Robert Michaels.  However, John Bucksbaum remains chairman, and Michaels will remain COO.

General Growth also said it will sell its three luxury malls in Las Vegas: Fashion Show Mall, Grand Canal Shoppes and The Palazzo. Goldman Sachs and Eastdil Secured will be jointly responsible for marketing the Las Vegas properties to potential buyers.

The management shuffle comes after the company learned about loans that were made that did not follow company policy. General Growth had recently learned that an affiliate of a Bucks