Mack-Cali Realty Corporation has named Mahbod Nia chief executive officer.
Nia, who has served as a director of Mack-Cali since June 2020, will succeed Interim CEO MaryAnne Gilmartin, who will serve as Special Advisor to ensure a smooth transition of responsibilities.
With the selection of a permanent CEO, and to allow for the election of an independent Board Chair, Gilmartin has stepped down as Board Chair, and will not run for re-election at the Company’s 2021 Annual Meeting of Shareholders. She will remain a director through the Annual Meeting and return to her full-time role as CEO of MAG Partners.
The Board has appointed Lead Independent Director, Tammy K. Jones, Board Chair, effective as of March 2, 2021.
Before joining Mack-Cali last summer, Nia was CEO of NorthStar Realty Europe Corp. where he was credited with helping drive share value growth of over 40 percent.
“The powerful combination of Mahbod’s experience as a successful CEO of a public REIT and deep familiarity with Mack-Cali having served on the Board, will enable him to hit the ground running,” said Jones.
“His proven management expertise and track record of creating shareholder value – most recently as CEO of NRE, through repositioning, leasing, and transacting in the sector – make him the ideal executive to lead Mack-Cali forward.”
She also hailed Gilmartin’s leadership navigating the REIT through one of the most uncertain times in history.
“I am honored that the Board has entrusted me to follow in her footsteps and will ensure Mack-Cali continues to make thoughtful, strategic decisions grounded in strong corporate governance and designed to prioritize the needs of its shareholders,” added Jones.
Gilmartin – who was appointed interim CEO last summer following a major reshuffle of the REIT’s board and exit of longtime boss Michael DeMarco – said the job had been a highlight of her career.
“I joined Mack-Cali to drive change in an organization with great potential, and we have done that, meaningfully improving leadership and governance to enhance shareholder value.”
Gilmartin oversaw a series of strategic dispositions, restructuring and redesigned leasing strategy directed at shoring up the company’s balance sheet and share value.
In its most recent quarterly report, Mack-Cali reported fourth quarter Core FFO was $16.2 million, or $0.16 per share, as compared to $44.1 million, or $0.44 per share for the same period last year. For the year ended December 31, 2020, Core FFO equaled $107.3 million, or $1.07 per share, as compared to $163.1 million, or $1.62 per share, for the same period last year.