Edmund Hoyt has been named interim chief financial officer of General Growth Properties Inc., a Chicago-based real estate investment trust. Mr. Hoyt, who has served as senior vice president and chief accounting officer of the company since 2000, succeeds Bernard Freibaum, who is no longer employed by the REIT. GGP announced that all continuing executive officers have informed the company that they have repaid in full all margin loans, and therefore "there will be no further sales of company stock by those executive officers to satisfy margin calls." Citing the uncertainty and volatility in the capital markets, the shopping center REIT said its board has decided to suspend the payment of common stock dividends.
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