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TrizecHahn Corp. undergoes major corporate reorganization

TORONTO – TrizecHahn Corp. is reorganizing its corporate structure and consolidating its United States and Canadian operations in an effort to increase shareholder returns and improve efficiency. Nineteen senior management executive positions and about 200 jobs overall will be eliminated by the end of 2002.

Executive responsibilities will change, and several senior management positions will be eliminated. The executive team will consist of three primary agents that will report directly to President and CEO Christopher Mackenzie. Casey Wold, Antonio Bismonte and CFO Gregory Hanson will be the second-tier executives in the company.

Functions such as accounting and payroll will be centralized in the Chicago office to improve efficiency. TrizecHahn will record a second-quarter charge of more than $38 million to proffer severance and other benefits associated with implementation of the plan.

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