Mack-Cali shakeup: MaryAnne Gilmartin named interim CEO
Michael DeMarco is out at REIT, effective immediately
MaryAnne Gilmartin has replaced Michael DeMarco as CEO of Mack-Cali Realty, just seven months after announcing she would start her own firm.
The Jersey City-based real estate investment trust said the change was effective immediately, according to Seeking Alpha.
Gilmartin has been on the board of directors for the REIT since June 2019. She was one of four directors appointed by Bow Street, an activist investor that embarked on a campaign to overhaul the company last spring.
Gilmartin’s appointment as chief executive is an interim measure until a permanent replacement is found and the board has formed a hiring committee, according to the report.
Gilmartin was CEO of Forest City’s New York division for four years but left to launch L&L MAG with L&L Holding’s David Levinson and Robert Lapidus in 2018, the same year Forest City was purchased by Brookfield Asset Management for $6.8 billion. In December Gilmartin said she was splitting off from L&L MAG to go solo.
The firm she launched, MAG Partners, is one of several trying to put together a big project at the former Amazon site in Long Island City.
Tammy Jones, CEO and founder of Basis Investment Group, is also joining Mack-Cali’s board as an independent director. [SA] — Erin Hudson