Veris Residential Inc. is headquartered at the Harborside complex in Jersey City — Courtesy: Veris Residential Inc.
By Joshua Burd
Veris Residential Inc. has tapped top executives with Madison International Realty and Bozzuto Management Co. as its newest independent directors.
The Jersey City-based real estate investment trust said Ronald M. Dickerman, founder and president of Madison International, and Stephanie L. Williams, president of Bozzuto Management, will join its board effective May 4. Concurrently, Alan R. Batkin will retire from the board after joining in 2010, following a proxy fight against the former Mack-Cali Realty Corp.
“As we near the completion of our transformation to a pure-play multifamily REIT, we do so with an acute focus on unlocking shareholder value, adhering to best-in-class corporate governance principles, and remaining committed to all of our stakeholders,” Tammy K. Jones, Veris Residential’s board chair. “With this in mind, we are pleased to welcome Ron and Stephanie to the board. As a longtime investor in Veris Residential and the real estate industry broadly, Ron brings another important shareholder voice to our boardroom, considerable strategic transaction experience, and a strong understanding of our business as well as the tremendous opportunity that lies ahead.
“Furthermore, as one of the top female executives in multifamily property management — overseeing a portfolio of 90,000 units and 3.4 million square feet of retail across major markets nationally with a significant footprint in the New York area — Stephanie has proven herself a well-recognized leader in residential real estate operations, management, and development. On behalf of the entire board, we look forward to their deep industry knowledge, contributions, and fresh perspectives.”
The moves are the latest by Veris since new management and board leadership took the reins at what was long known as Mack-Cali, which rebranded in late 2021. Since then, the company has ramped up efforts to shed its once-sprawling office portfolio and focus on luxury multifamily assets.
In a news release, the company said Dickerman brings more than 35 years of real estate transaction, financing and management experience to the board. Since founding Madison International Realty in 2002, he has built the firm into a fully integrated real estate private equity platform and liquidity provider to real estate investors worldwide, with $8 billion in assets under management globally.
“As a large, long-term shareholder, I have closely followed Veris Residential’s strategic transformation and believe the company’s significant progress to date underscores its incredible future potential,” Dickerson said. “I am pleased to join the board at this critical point in the evolution of the business and look forward to working collaboratively with the board to evaluate and execute the highest value-creating opportunities for fellow shareholders.”
Williams, also a partner with The Bozzuto Group, has held several positions over nearly 20 years within the company’s development and management divisions, the news release said. As president of Bozzuto Management, she oversees strategic performance and economic value creation, day-to-day operations of a 90,000-unit portfolio with a significant footprint in the New York area, and an array of initiatives designed to enhance the employee and customer journeys.
“Over the past two years, the Veris Residential board and management team have successfully streamlined the business, enhanced operations, and grown the multifamily portfolio — all with an eye towards maximizing shareholder value,” Williams said. “I am excited to bring my extensive multifamily experience to the boardroom as Veris Residential embarks on its next chapter.”