Mack-Cali Realty Corp. (CLI)

[Enterprising Investor]

Mack-Cali Taps Industry Veteran as New CEO (6/03/15)

Real-estate investment trust appoints Mitchell Rudin as chief executive

By Lisa Beilfuss

Mack-Cali Realty Corp. said Wednesday that it has named Mitchell Rudin, a veteran New York real-estate executive, as its next chief executive.

The appointment follows Mitchell Hersh’s retirement last month. Mr. Hersh, a 17-year veteran of the Edison, N.J.-based real-estate investment trust known for owning suburban office buildings in the Northeast, faced criticism for moving into residential real estate and said late last year that he would step down in May.

As The Wall Street Journal reported last month, a search committee has been expected to recommend that Mack-Cali’s board tap Mr. Rudin for the top spot. Mr. Rudin had been chief executive of Brookfield Office Properties’ U.S. division until he stepped down last year in the wake of a restructuring.

During his tenure, Mr. Rudin played a key role in the company’s efforts to lease its downtown New York office buildings, advance plans for its Manhattan West project in Midtown and absorb a portfolio of Los Angeles buildings that had been owned by the Maguire Property Group.

Mack-Cali also said it named Michael DeMarco as president and chief operating officer. Mr. DeMarco previously worked as chief investment officer at Cantor Commercial Real Estate and as executive vice president at Vornado Realty Trust.

Shares in the company, off about 11% this year, were little changed in early trading.

http://www.wsj.com/articles/mack-cali-taps-industry-veteran-as-new-ceo-1433340215