Page 7 - RE-NJ Aug2020

DEMARCO OUT AT MACK-CALI, AS GILMARTIN NAMED INTERIM CEO
Michael DeMarco
board of directors.
announced, following
a year-long proxy fight that saw activist investors win control of its
The Jersey City-based real estate investment trust said July 27
that MaryAnne Gilmartin, its
newly installed board chair, will serve as interim CEO effectively immediately. The board has formed a committee to oversee the search for a permanent CEO.
The move comes five years
after DeMarco joined the REIT’s leadership team as president and three years after he became CEO. During that time, the finance and real estate industry veteran has spearheaded a plan to shed the company’s vast suburban office holdings and focus on higher-end submarkets and luxury multifamily development.
The lobby at Harborside 3 in Jersey City, where Mack-Cali Realty Corp. maintains its headquarters
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Michael DeMarco is out as CEO of Mack-Cali Realty Corp., the company
Mack, the longtime board chair and founder of The Mack Co., who was slated to step down in line with the company’s retirement age policy.
A former CEO and president of Forest City Ratner Cos., she was first elected to the board in 2019 as part of a slate nominated by Bow Street, a New York-based hedge fund.
Gilmartin is also the co-founder and CEO of L&L MAG, bringing more than 30 years of real estate industry experience.
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“On behalf of the board, I would like to thank Michael for his service to Mack-Cali,”
Gilmartin said.
“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.”
The activist investors, led by
Bow Street LLC, sought to take over Mack-Cali’s board in a battle that dates back to early last year. During that time, they’ve called for ousting DeMarco as CEO among other changes at the REIT.
Bow Street won control of the board in June ahead of Mack-Cali’s annual meeting. The company also announced Monday that the board has named Tammy K. Jones, who joined the board in June as a lead independent director, noting that she brings more than 25 years of real estate experience.
Gilmartin succeeded William L.
MaryAnne Gilmartin
Courtesy: Mack-Cali