Scot Sellers to Be Named Chairman of the Board of Howard Hughes Holdings Inc. at Company’s Upcoming Annual Meeting

Long-time HHH Board Member and former Archstone CEO to succeed Bill Ackman as Board Chairman;
Pershing Square Capital Management, L.P. Partner Ben Hakim to be nominated to Howard Hughes Board of Directors to replace Ackman who will not stand for reelection

THE WOODLANDS, Texas, April 04, 2024 (GLOBE NEWSWIRE) -- Howard Hughes Holdings Inc. (NYSE: HHH) announced today that long-time Howard Hughes board member Scot Sellers will be named Chairman of its Board of Directors at HHH’s upcoming annual meeting. Sellers will succeed Pershing Square Capital Management, L.P. (“Pershing Square”) Founder and CEO Bill Ackman, who will be retiring from the HHH board after serving as its chairman since founding Howard Hughes in 2010. Pershing Square Partner Ben Hakim is being nominated for the Howard Hughes board to replace Ackman. Pershing Square intends to remain a major, long-term shareholder of HHH.

Sellers has served on the Board of Directors of Howard Hughes since the company’s inception. With a career spanning over 40 years, Sellers has been responsible for the development, acquisition, and operation of over $40 billion of apartment communities in over 50 different cities across the United States. He served as Chairman and CEO of Archstone, one of the world’s largest multi-family housing companies, transforming the company from a mid-sized owner of apartments in secondary and tertiary cities to the largest publicly traded owner of urban high-rise apartments in the nation’s premier cities. Sellers currently serves on the board of The Irvine Company and is Chairman of the Board of Maui Land & Pineapple Company.

“Howard Hughes is entering an exciting new chapter in the company’s history, with tremendous opportunities for growth and an active development pipeline of transformative projects that will continue to distinguish the company’s national portfolio of acclaimed communities,” said Scot Sellers. “The Howard Hughes board and its executive leadership team have always worked in close collaboration, and I look forward to supporting the continued success of this dynamic company.”

Ackman will be stepping down from the Howard Hughes board after serving as its chairman since the company’s spinoff from General Growth Properties in 2010 as a publicly traded real estate company. Since the spinoff, Howard Hughes has streamlined its portfolio and focused its business on the development of large-scale mixed-use communities, which include iconic assets such as The Woodlands and Bridgeland in the Greater Houston area, Summerlin in Las Vegas, Ward Village in Honolulu, and Downtown Columbia in Maryland. The company’s remaining non-core, entertainment-based assets in New York City and Las Vegas comprise a division of HHH known as Seaport Entertainment, which is expected to be spun off into its own publicly traded company during 2024, with Howard Hughes remaining as a pure-play real estate company focused solely on the growth of its acclaimed master planned communities.