EDISON, NJ—Mitchell E. Hersh, president and chief executive officer of Mack-Cali, will step down from that position at the company's annual meeting in May 2015 and will not stand for reelection to the Mack-Cali board of directors, the company announced today. He became CEO in 1999 and president in 2004.

Hersh has been with the company for 17 years and with its predecessor, The Mack Company, for 24 years previously. He has been a member of the company's board and the board's executive committee since 1993. He was chairman of The Mack Company when it merged with Cali Realty Corporation in 1997.

The company says its board will form a search committee and retain a leading executive search firm to identify a successor. Hersh will continue to lead Mack-Cali in his current positions until his departure and will support the board's search process, the company says.

“It has been a privilege to lead the finest employees in the industry, whose commitment and hard work never ceases to impress me,” says Hersh. “Together, we have steadily outperformed most of the markets that we operate in and have continued to reinvest in our office properties. At the same time, we have significantly advanced our multi-family residential strategy, successfully increasing the company's residential business mix through developable land acquisitions and property investments. After 17 years at Mack-Cali and 24 years at a predecessor company, I agree that it is the right time to transition leadership responsibilities, and I know that Mack-Cali has an outstanding team in place to continue building on our momentum. We have built a strong platform for long-term growth, and I am confident in the company's future.”

“On behalf of the board of directors of Mack-Cali, I want to thank Mitch for his many contributions to the Company,” says William L. Mack, chairman of the Mack-Cali board. “Under his leadership, Mack-Cali has successfully repositioned its portfolio and diversified into the multifamily apartment sector. We look forward to identifying a new leader to continue executing on our strategic initiatives and strengthening our already strong platform. We greatly appreciate Mitch's dedication to ensuring a seamless transition and wish him the best in his future endeavors.”

Hersh serves on the board of trustees of Montclair State University, as well as the New Jersey Chapter of the National Association of Industrial and Office Properties (NAIOP), and is a founding member of Baruch College Newman Real Estate Institute's Real Estate Advisory Board. In addition, Hersh is a board member of the Commerce and Industry Association of New Jersey.

Mr. Hersh was recently named one of the top Mid-Atlantic Icons in commercial real estate for 2014 by Real Estate Forum magazine, GlobeSt.com's sister publication.

Instant Insights /

Mack-Cali President Hersh to Step Down in May 2015

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