Longtime Mack-Cali CEO stepping down

No reason given for Mitchell Hersh's exit after serving as firm's CEO for nearly two decades

Mitchell Hersh
Mitchell Hersh

Mitchell Hersh, who served as chief executive officer of Mack-Cali Realty Corporation for nearly two decades, has announced his resignation.

Hersh, 63, is leaving his post at the publicly traded office landlord in May 2015. Mack-Cali will begin looking for a replacement immediately. The company didn’t give any specifics as to why Hersh is stepping down from the position at the firm.

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The company has not been performing well for the past few years, according to the Wall Street Journal. And the market took the news as a positive. Indeed,  the stock price of the New Jersey-based company rose 7 percent on Tuesday.

“Mack-Cali has been a perpetual laggard and a change is for the best,” Michael Knott, an analyst at Green Street Advisors, told the newspaper. “A new CEO will not be an easy fix or a silver bullet.” [WSJ, 1st]