More than six months after a shake-up of its C-suite, Mack-Cali has named a new CEO.
Mahbod Nia, a former head of NorthStar Realty Europe, will take the reins at the New Jersey-based based REIT as of March 8. He has been serving as a director on Mack-Cali’s board since June.
During his tenure at NorthStar, Nia oversaw the REIT’s transformation, which helped drive a 40 percent increase in per-share net asset value.
MaryAnne Gilmartin, who joined Mack-Cali last July as interim CEO, will serve as a special advisor during the transition period, according to the REIT. In the meantime, she stepped down as the chairperson of the company’s board and will not run for re-election. She will return to her full-time role as CEO of MAG Partners after Mack-Cali’s annual shareholder meeting.
Gilmartin said she joined Mack-Cali to drive change and is pleased with her achievements during her temporary tenure.
Tammy Jones, who was newly appointed as Mack-Cali’s board chairperson, said Nia’s experience at NorthStar as well as his familiarity with Mack-Cali as a board member will let him “hit the ground running.”
The agreement between Gilmartin and the REIT had her sign on for six months or until the company found a new CEO, whichever came first. According to SEC filings, Mack-Cali agreed to pay MAG Partners a monthly fee of $150,000 for Gilmartin’s service, along with a one-time cash sign-on bonus of $300,000 and a completion bonus of $200,000 at the end of her term.