• Jim Napoli, a key member of senior management, will now focus on strategic leasing matters and client relationships for both our domestic and international projects. • Gregg Goodman, Executive Vice President, Anchor Leasing, will continue to direct major tenant activities and manage the disposition of peripheral land.
• Greg Neeb, reporting directly to Mr. Siegel, will direct all capital allocation issues at the Company, including the planning, budgeting and spending on all capital projects. Jamie Stolpestad, reporting to Greg Neeb, will assume responsibility for major project oversight. Together, Mr. Neeb and Mr. Stolpestad will also support the daily activities of our strategic alternatives process, reporting to Mr. Siegel and the Special Negotiating Committee of the Board.
• Scott DeCain, reporting to Mr. Ordan, will be responsible for the oversight of changes in our operating processes and assisting Mr. Ordan with the implementation of major Company initiatives. Mr. DeCain will also be responsible for investor relations.
• Peter Todd will now be responsible for our streamlined international operations. Ron Weidner will be leaving the Company, but will consult with the Company on our Mercati Generali development. Our international changes are part of our ongoing effort to right-size our operations, while focusing on our international core assets, developments and redevelopment opportunities. Mills' restructuring efforts over the lastseveral months have resulted in 222 fewer full time employees. The Company expects that the future annual run rate savings from these reductions will be over $20 million, although in 2006 these savings will be offset by onetime charges.
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