THE WOODLANDS, Texas - Howard Hughes Holdings Inc. (NYSE:HHH) announced today that Scot Sellers will assume the role of Chairman of its Board of Directors at the company's upcoming annual meeting. Sellers, a long-serving board member, will succeed Bill Ackman, the founder and CEO of Pershing Square Capital Management, L.P., who has decided not to stand for reelection.
Ackman, who has led the board since Howard Hughes's inception as a spinoff from General Growth Properties in 2010, will retire from the board. Under his chairmanship, the company has focused on developing large-scale mixed-use communities and is preparing to spin off its Seaport Entertainment division to streamline into a pure-play real estate company.
Sellers brings over four decades of experience in real estate, including a transformative tenure as Chairman and CEO of Archstone. He is credited with significant development and acquisition achievements and currently serves on other notable boards, including The Irvine Company and Maui Land & Pineapple Company.
In conjunction with Sellers' appointment, Ben Hakim, a Partner at Pershing Square, has been nominated to join the Howard Hughes board. Hakim's background includes a Senior Managing Director role at The Blackstone Group (NYSE:BX) and a long-standing position at Pershing Square, contributing to his real estate expertise.
The leadership transition occurs as Howard Hughes reported record-breaking results for 2023, with a notable increase in residential land sales and new-home sales. The company anticipates continued growth in 2024, driven by strong demand for new construction in its master planned communities.
Acknowledging the contributions of both Ackman and Sellers, David R. O'Reilly (NASDAQ:ORLY), CEO of Howard Hughes, expressed gratitude for Ackman's vision and leadership and optimism for the company's future under Sellers' chairmanship.
The company, renowned for its master planned communities, operates a portfolio of commercial, residential, and mixed-use real estate across the U.S. Howard Hughes Holdings Inc. is publicly traded on the New York Stock Exchange as HHH.
This announcement is based on a press release statement from Howard Hughes Holdings Inc.
InvestingPro Insights
As Howard Hughes Holdings Inc. (NYSE:HHH) ushers in a new era of leadership, investors are closely monitoring the company's financial health and market performance. With a market capitalization of $3.46 billion, Howard Hughes operates with a notable debt burden, which is a critical factor for stakeholders to consider. The company's P/E ratio, standing at -6.21, reflects its current earnings challenges. However, the company's revenue for the last twelve months as of Q4 2023 amounted to $1.024 billion, indicating a scale of operations that is substantial, albeit reflecting a decline in growth by -36.33%.
Despite the reported record-breaking results for 2023, the company's stock has experienced a significant price drop over the last three months, with a -15.92% total return. This could suggest a buying opportunity, as the Relative Strength Index (RSI) indicates the stock may be in oversold territory, an InvestingPro Tip that suggests potential for a rebound. Additionally, the company's liquid assets surpass short-term obligations, providing some financial flexibility in the near term.
Investors interested in a deeper dive into Howard Hughes's financials and market position can find additional InvestingPro Tips by visiting https://www.investing.com/pro/HHH. Currently, there are 9 additional tips available, offering further insights into the company's valuation, profitability, and market trends. For those seeking to access the full suite of InvestingPro features, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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