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Mack-Cali’s major role reversals
Unanswered questions on the leadership switch at NJ’s largest REIT abound, but the firm’s reinvention strategy is paying dividends
From the New Jersey Market Report: Was Mitch Rudin’s demotion at Mack-Cali a shake-up in sheep’s clothing? Or was it, as one analyst said, not a demotion at all and just “a natural and expected progression for the company”?
Rudin’s successor as CEO, Michael DeMarco, paints the leadership switch as a benign shift that was always part of the plan. “It wasn’t so much a change as a repositioning,” he told The Real Deal. “On a day-to-day basis, I run the company. I did it from the start.” Rudin, too, is all smiles about the arrangement and his new position as vice chairman, describing his role as a “ratification of what I’ve been doing and what Mike has been doing.”