By Ezequiel Minaya
GGP Inc., one of the largest real-estate investment trusts in the U.S., said Thursday that Heath Fear will serve as its next chief financial officer.
Mr. Fear will replace Michael Berman, who is retiring from the post March 1. Mr. Berman joined GGP in December 2011. Before that, he was CFO of Equity LifeStyle Properties Inc.
GGP said Mr. Fear, who is rejoining the company after serving as CFO of Retail Properties of America Inc., will assume the role of executive vice president of finance on Nov. 6 before assuming the CFO post.
He is slated to receive annual base salary of $750,000 and an initial award of restricted stock valued at $1.65 million. Three-quarters of the shares will vest over four years while the remaining portion will be tied to performance goals, the company said in a regulatory filing. Mr. Fear's target annual equity incentive is $1 million for 2018.
Mr. Fear had spent some 12 years with GGP before joining Retail Properties of America, the company said.
Write to Ezequiel Minaya at [email protected]