The Howard Hughes Corporation has appointed Correne Loeffler as its new CFO. She replaces David O’Reilly, who was promoted to CEO in December 2020. Ms. Loeffler was previously the CFO at Whiting Petroleum, based in Denver.
Howard Hughes is now based in The Woodlands, following its move from Dallas late last year. It is primarily a developer of residential master planned communities and has market capitalization of $5.4 billion.
Ms. Loeffler will receive a base salary of $500,000 and be eligible for annual cash bonuses of $900,000 and annual long-term equity awards worth up to $1.2 million, 50% of which will vest based on performance.
Ms. Loeffler was CFO at Whiting from August 2019 to September 2020. She left as Whiting exited from bankruptcy. In Chapter 11, the bondholders exchanged $3 billion of debt for 97% of the equity in the newly-reorganized company.
Ms. Loeffler was paid handsomely for her 13 months at the company
- Base salary of $440,000
- Signing bonus of $190,000 in 2019
- Cash bonus of $2.2 million paid the day before Whiting filed for bankruptcy.
- Severance payment of $880,000
- Transition consulting services of $68,250
Whiting also paid $158,000 in relocation costs to relocate Ms. Loeffler from Houston to Denver.
Ms. Loeffler was VP, Finance and Treasurer at Houston-based Callon Petroleum from April 2017 to July 2019. Prior to that, she spent 11 years at J.P. Morgan Securities.