Investor Presentaiton
Creating Value Through Activism
Howard Hughes
THE HOWARD HUGHES CO
MEXICA
OTLE
FICAN OR
NGRILL
ORATION
Bill has served as Chairman of HHC's Board since 2010
After a thorough strategic review process, the Board announced, in
October 2019, that the company will execute a transformation plan
Appointed Paul Layne as new CEO, and announced $2bn in asset sales
and a greater than one-third reduction in G&A expenses
Ali Namvar and Matthew Paull joined the board in December 2016
Brian Niccol joined as CEO in 2018 and has successfully implemented
an organizational transformation to turn around the company
Early stages of executing on an extensive pipeline of growth initiatives
ADP
Remained actively engaged with ADP following the 2017 proxy contest,
holding ADP accountable for achieving its potential
ADP realized accelerated margin expansion and earnings growth
following their decision to embrace a business transformation
In addition to these more visible examples of our activism, Pershing Square
continually engages constructively, behind-the-scenes, with the management teams
and boards of our portfolio companies to effectuate long-term value creation
Note: Additionally, Pershing Square was actively involved on the board of Platform Specialty Products until exiting the position in February 2019
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