(Bloomberg)—General Growth Properties Inc. paid Chief Executive Officer Sandeep Mathrani $39.2 million in 2015, mostly in a stock award that will vest in 2020.
The $25 million stock award was granted in connection with a new employment agreement Mathrani signed in February 2015, the company disclosed Friday in a proxy statement. His compensation includes a $1.2 million salary, $3 million bonus and another $10 million stock award.
The shopping mall owner made Mathrani its CEO in 2010, hiring him from Vornado Realty Trust, where he had been executive vice president of the New York-based REIT’s retail division for more than eight years. At Vornado, Mathrani managed one of New York’s largest portfolios of retail properties, including the Manhattan Mall and several stores in the Penn Station area. He also oversaw plans to redevelop downtown Boston’s historic Filene’s building, which Vornado would later give up.
General Growth, based in Chicago, was in the midst of exiting bankruptcy at the time his hiring was announced, having won court approval for a restructuring a year and a half after filing the biggest real estate bankruptcy in U.S. history.
To contact the reporters on this story: Caleb Melby in New York at [email protected] ;David M. Levitt in New York at [email protected] To contact the editors responsible for this story: Brandon Kochkodin at [email protected] Alan Goldstein
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