- After about five years in the position
- Accolades, praise and thanks for O’Hern
- Jackson Hsieh taking over
- O’Hern kept it short and said 59 words
(exechange) — Santa Monica, California, February 5, 2024 — Tom O’Hern, chief executive of Macerich, leaves his position. As announced by Macerich Co. in a news release and in a regulatory filing published on Monday, February 5, 2024, Thomas E. (Tom) O’Hern leaves his post as chief executive officer at the real estate investment trust, after about five years in the role, effective February 29, 2024.
Generally speaking, it raises questions when a CEO leaves his post at short notice.
Tom O’Hern’s duties as CEO will be taken over by Jackson Hsieh, most recently Chief Executive Officer at Spirit Realty Capital, Inc.
The fact that Tom O’Hern’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
In general, an outsider does not have the constraints of an insider when it comes to leading painful changes or making unpopular decisions.
Tom O’Hern’s move coincides with a management shake-up also involving the position of President.
“Extensive search process”
Macerich did not give an explicit reason for Tom O’Hern’s departure from the CEO post. Macerich stated: “Mr. Hsieh’s appointment as President and Chief Executive Officer follows an extensive search process by the Board with the assistance of Ferguson Partners, a prominent global executive recruitment firm.”
Precise information regarding Tom O’Hern’s future plans was not immediately available.
“Retirement”
Macerich said: “Jackson Hsieh will become the President and Chief Executive of Macerich on March 1, 2024, following the retirement of Thomas O’Hern after 30 years of service to the Company.”
Share price decline since February 2019
The announcement follows a decline in Macerich Co.’s share price of 66% since February 2019.
In the position of CEO since 2019
Tom O’Hern became CEO of the Company in 2019.
O’Hern will serve as an advisor to the Company through June 30, 2024, to ensure a smooth transition.
O’Hern is retiring from Macerich after 30 years of service, most recently as Chief Executive Officer and previously as Chief Financial Officer.
On January 1, 2019, O’Hern became the Company’s Chief Executive Officer and is responsible for the strategic direction and overall management of the Company.
O’Hern became one of the Company’s Senior Executive Vice Presidents in September 2008 and was the Company’s Chief Financial Officer and Treasurer from July 1994 until his election as Chief Executive Officer.
O’Hern was an Executive Vice President from December 1998 through September 2008 and served as a Senior Vice President from March 1993 to December 1998.
From the Company’s formation to July 1994, he served as Chief Accounting Officer, Treasurer and Secretary.
59 words by Tom O’Hern
In the release announcing his departure as CEO of Macerich Co., Tom O’Hern received accolades, praise and thanks.
In announcing his departure, Tom O’Hern kept it short and said 59 words.
“The right person”
Tom O’Hern stated: “I am very pleased to welcome Jackson to Maceric. His decades of real estate experience, both as a REIT CEO and in investment banking, and his proven strategic vision coupled with an ability to lead an organization in a collaborative, culture-driven manner make him the right person to lead the Company going forward and create long term shareholder value.”
Push-out Score for Tom O’Hern’s move determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Tom O’Hern’s move on a scale of 0 to 10.
Read the full story in the exechange report 7.2024 ($).