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.
