Bill Ackman gets a fair share of media attention for his investments, and let’s face it, likes to talk to the media.
Yet management at General Growth Properties (GGP), a key investment of Mr. Ackman’s where he owns a large stake, have scolded their, well, company owner, for jumping the gun and telling Crain’s New York Business the name of a new spin-off, and saying he would its chairman.
General Growth’s top executives, Adam Metz and Tom Nolan, on Monday sent a note to employees of the spin off unit, calling Mr. Ackman’s published remarks on the topic “speculative.”
“Unfortunately, this information was discussed without coordination with the company and the article was premature,” the two wrote in the letter.
No Mr. Ackman, the business unit isn’t called ‘Howard Hughes Co.’, it’s just ‘likely’ to be:
The executives’ letter clarified that the Hughes name is “likely” for the spinoff. But, it added that such decisions will be made by the company’s board, which hasn’t been formed yet. Mr. Ackman declined to comment on Tuesday.
Call us crazy, but we sense a tiny bit of spite in the actions of Mr. Metz and Nolan. It could be they have a problem with Ackman since the two of them are likely to be replaced by new executives, as result of Mr. Ackman, according to the Wall Street Journal. So Mr. Ackman is out in the media announcing plans before management can and it’s just annoying for them, goes the theory. Too bad they don’t own the company.