Cushman brought on Rufrano to succeed Bruce Mosler, who is now co-chairman of the board of the global services company. Rufrano had been CEO of Centro Properties Group, based in Australia. "We can't thank Glenn enough for the expertise, experience and tremendous insight he has brought to our board of directors as we continue our efforts to emerge GGP expeditiously from Chapter 11 in a manner that provides a good result for all our stockholders," said Adam Metz, GGP's CEO, in a statement.
The Chicago REIT is in the process of searching for a new director to replace Rufrano, the second director to step down from the GGP board in the past few weeks. Pershing Square Capital Management's William Ackman stepped down from the board on March 8, as his firm has joined with Fairholme Capital Management LLC to offer a $4 billion capital infusion to GGP. Attorneys for the company are incorporating the offer into a $2.6 billion proposal from Brookfield Asset Management that would bring the trust out of bankruptcy. The GGP stock price, which was reinstated on March 15, rose from $15.70 per share at its reinstated price to $16.75 per share at the Friday close.
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