Mack-Cali Realty Corporation today announced that its Board of Directors has appointed Board Chair MaryAnne Gilmartin Interim Chief Executive Officer.
Gilmartin succeeds Michael J. DeMarco, effective immediately. The Board has formed a committee to oversee the search for a permanent CEO.
The move follows 12 months of bitter wrangling over Mack-Cali’s performance, with activist investor Bow Street calling for new leadership that could redirect the company from what it has called a “single-minded” pursuit of a multifamily waterfront strategy that has driven its FFO down.
Mack-Cali’s first-quarter 2020 quarterly revenues also came in nearly 40 percent lower than the prior-year quarter’s $134.2 million.
The new board is expected to consider a range of options, from selling pieces of the company, annexing its residential portfolio or offloading cherry-picked assets.
Former Forest City Ratner CEO and president Gilmartin was elected chair of the board of directors last month as the REIT remade its board with eight members nominated by Bow Street and one nominated by the company.
At that time, Gilmartin said, “The newly reconstituted Board is determined to put Mack-Cali on the right path to restoring strong corporate governance practices and shareholder value. We look forward to driving meaningful transformation at the Company to benefit all of our stakeholders.”
Gilmartin said, “On behalf of the Board, I would like to thank Michael for his service to Mack-Cali. I look forward to working with the talented Mack-Cali team and all of our stakeholders to ensure that the Company operates at the highest level.”
In addition, the Board has named Tammy K. Jones Lead Independent Director. Jones joined the Mack-Cali Board following the Company’s 2020 Annual Meeting. She has over 25 years of real estate experience and has dedicated her professional career to the advancement of ethnic and gender diversity in leadership positions in the real estate sector.
Gilmartin has served as a director at Mack-Cali since June 2019. She is the Founder and CEO of MAG Partners, which will continue to operate under internal leadership while she serves as Mack-Cali’s Interim CEO.
Gilmartin has more than 30 years of real estate experience, including as CEO and President of Forest City Ratner Companies, LLC. She is also a director of the Jefferies Group LLC.