- Push-out Score determined
- After about five years in the position
- Thanks for DeMarco
- MaryAnne Gilmartin taking over in the interim
- Search for a successor
(exechange) — Jersey City, New Jersey, July 27, 2020 — Michael DeMarco, chief executive of Mack-Cali, leaves. As announced by Mack-Cali Realty Corp. in a news release and in a regulatory filing published on Monday, July 27, 2020, Michael J. DeMarco, chief executive officer, has left the real estate investment trust after about five years in the role, effective July 24, 2020.
Mack-Cali will undertake a search for a successor.
Michael DeMarco’s duties as CEO will be taken over in the interim by MaryAnne Gilmartin, most recently Board Chair of Mack-Cali Realty Corp., as Interim Chief Executive Officer.
No reason given
In the announcement, Mack-Cali did not explicitly explain the reason for Michael DeMarco’s move.
Precise information regarding Michael DeMarco’s future plans was not immediately available.
“Employment … ended”
Mack-Cali said: “Ms. Gilmartin succeeds Michael J. DeMarco, effective immediately.”
Mack-Cali further said: “The employment of the Company’s former Chief Executive Officer, Michael J. DeMarco, ended on July 24, 2020.”
Share price decline
The announcement follows a decline in Mack-Cali Realty Corp.’s share price of 39% since July 2019.
In the position of CEO since 2015
Michael DeMarco became CEO of the Company in 2015.
Michael J. DeMarco has served as chief executive officer of the Company since the summer of 2015 and has been a member of the board since March of 2018.
DeMarco is a veteran real estate investment professional with more than 30 years of industry experience.
Prior to joining the Company, DeMarco was most recently the chief investment officer of CCRE, a non-bank finance company and one the largest originators of CMBS.
DeMarco was also an executive vice president with Vornado Realty Trust.
Prior to that DeMarco was a partner at Fortress Investment, overseeing a number of real estate operating companies that Fortress acquired.
Additionally, he was a senior managing director with Lehman Brothers in the company’s real estate investment banking unit specializing in mergers and acquisitions, structured finance, and initial public offerings.
His current professional affiliations include being on the board of Saint Peter’s Preparatory School, as well as a member of The International Council of Shopping Centers (ICSC), the Jersey City Medical Center Board of Trustees, and a managing trustee of Liberty Science Center.
DeMarco is a certified public accountant.
He received a Bachelor of Business Administration in Accounting and a minor in History from Pace University, as well as a Master of Business Administration in Finance from the University of Chicago.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Mack-Cali and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 31.2020 ($).