Former Forest City Ratner CEO and president MaryAnne Gilmartin has been elected chair of the board of directors of Mack-Cali Realty Corporation.
The REIT has also remade its board with eight members nominated by minority shareholder Bow Street and one nominated by the company.
The reshuffle will see current Michael DeMarco retain his position as CEO but step down as director along with longtime chairman Bill Mack, who announced in April that he would not stand for reelection to the board.
Howard Shainker, managing partner of Bow Street, said, “On behalf of Bow Street, I want to thank Mr. Mack for his decades of service to the company, its stakeholders, and the Jersey City community, all of which have benefited from his leadership.”
In addition to Gilmartin, the reconstituted Board is comprised of Alan R. Batkin, Michael Berman, Frederic Cumenal, Tammy K. Jones, A. Akiva Katz, Nori Gerardo Lietz, Mahbod Nia and Howard Stern.
Along with Mack and DeMarco, Alan S. Bernikow, Lisa Myers, Laura H. Pomerantz, Irvin D. Reid and Rebecca Robertson will resign as directors of the company.
The board shakeup follows 12 months of bitter wrangling over Mack-Cali’s performance, with 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.
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 has served as a director at Mack-Cali since June 2019. She is co-founder and CEO of L&L MAG. She has over 30 years of real estate industry experience, including as CEO and President of Forest City Ratner Companies, LLC. Gilmartin is a director of the Jefferies Group LLC. She also serves on the Executive Committee of The Brooklyn Academy of Music, as Vice Chair of New York Public Radio, on the Executive Committee and Board of Governors of The Real Estate Board of New York, and as a member of the Industry Advisory Board of the MS Real Estate Development Program at Columbia University.
The revised slate of director candidates will come up for election at the Company’s 2020 Annual Meeting of Stockholders rescheduled for July 1, 2020.