A rendering of Mack-Cali Realty Corp.’s upgraded Harborside complex in Jersey City — Courtesy: Mack-Cali
By Joshua Burd
A veteran development executive has taken over as board chair of Mack-Cali Realty Corp., following a proxy battle that ended last week with a victory by a dissident investor group.
The Jersey City-based company announced Monday that MaryAnne Gilmartin has been elected to lead its newly configured board of directors. A former CEO and president of Forest City Ratner Cos., she was first elected to the board last June as part of a slate nominated by Bow Street LLC, the New York-based hedge fund that led the shareholder group.
Gilmartin succeeds William L. 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.
“The newly reconstituted board is determined to put Mack-Cali on the right path to restoring strong corporate governance practices and shareholder value,” Gilmartin said. “We look forward to driving meaningful transformation at the company to benefit all of our stakeholders.”
The news follows last week’s announcement that Mack-Cali and Bow Street had reached an agreement to reconstitute the real estate investment trust’s board. The deal was the culmination of a proxy battle dating back to early last year, one that was set to continue at Mack-Cali’s 2020 annual meeting before the agreement was reached.
As part of the deal, seven of the company’s 11 board members were stepping down to make way for a new slate backed by Bow Street. Along with Gilmartin, the reconstituted board includes Alan R. Batkin, Michael Berman, Frederic Cumenal, Tammy K. Jones, A. Akiva Katz, Nori Gerardo Lietz, Mahbod Nia and Howard Stern.
Gilmartin is also the co-founder and CEO of L&L MAG, bringing more than 30 years of real estate industry experience, according to a news release. She is a director of the Jefferies Group LLC and serves on the executive committee of The Brooklyn Academy of Music and as vice chair of New York Public Radio.
Additionally, Gilmartin is on the executive committee and board of governors of The Real Estate Board of New York and a member of the industry advisory board of Columbia University’s master’s in real estate development program.
