Mitch Rudin is leaving Mack-Cali

He served as CEO and vice chairman of the NJ-based company
By Eddie Small | June 15, 2018 11:33AM

Mitchell Rudin (Credit: New City Kids via YouTube)

Mitchell Rudin is departing Mack-Cali Realty, the company announced on Friday.

Rudin served as CEO of the Jersey City-based company from June 2015 until April 2017, when he was demoted to vice chairman and replaced as CEO by Michael DeMarco.

In an interview with the Commercial Observer last month, DeMarco said Rudin “didn’t have the right skill set for the public market, and I think he realized it. We had an agreeable meeting and then we just flipped roles.”

During Rudin’s time as CEO of the real estate investment trust, the company’s share price rose by roughly $10, and the leadership team announced a strategic plan to reduce its debt costs and capital improvement investments in its office properties.

The REIT, which has a portfolio of about 5,800 residential units and over 15 million square feet of office in the Northeast, plans to sell off as much as $425 million worth of property in 2018.

Rudin previously had a rather abrupt departure from Brookfield Office Properties, which he left in 2014 after serving as president and CEO of the company’s U.S. commercial operations.

Rudin described his departure from Mack-Cali as a “lovely exit” and said he was looking forward to his next career move, although he was not sure what that would be yet.

“The next chapter is going on a family vacation for a few weeks, and then I’ll come back and start to think about it,” he said. “But there will be one.”