Mack-Cali Realty Corporation announced that Mitchell E. Hersh will step down as President and Chief Executive Officer at the Company’s Annual Meeting in May 2015 and will not stand for reelection to the Mack-Cali Board of Directors.
The Board intends to form a search committee and retain a leading executive search firm to identify a successor. To ensure a smooth transition, Mr. Hersh will continue to lead Mack-Cali in his current positions until his departure and will support the Board’s search process. A copy of a separation agreement entered into between Mr. Hersh and Mack-Cali will be filed by Mack-Cali on a Form 8-K.
“It has been a privilege to lead the finest employees in the industry, whose commitment and hard work never ceases to impress me,” said Mr. Hersh. “Together, we have steadily outperformed most of the markets that we operate in and have continued to reinvest in our office properties. At the same time, we have significantly advanced our multi-family residential strategy, successfully increasing the Company’s residential business mix through developable land acquisitions and property investments. After 17 years at Mack-Cali and 24 years at a predecessor company, I agree that it is the right time to transition leadership responsibilities, and I know that Mack-Cali has an outstanding team in place to continue building on our momentum. We have built a strong platform for long-term growth, and I am confident in the company’s future.”
“On behalf of the Board of Directors of Mack-Cali, I want to thank Mitch for his many contributions to the Company,” said William L. Mack, Chairman of the Mack-Cali Board. “Under his leadership, Mack-Cali has successfully repositioned its portfolio and diversified into the multifamily apartment sector. We look forward to identifying a new leader to continue executing on our strategic initiatives and strengthening our already strong platform. We greatly appreciate Mitch’s dedication to ensuring a seamless transition and wish him the best in his future endeavors.”