Macerich Elevates CEO Art Coppola to Role of CEO and Chairman, Promotes Senior Executive Vice President Ed Coppola to President
September 05 2008 - 4:44PM
PR Newswire (US)
SANTA MONICA, Calif., Sept. 5 /PRNewswire-FirstCall/ -- Macerich(R)
(NYSE:MAC), one of the nation's largest owners, operators and
developers of regional shopping centers, today announced a series
of key senior management promotions put in place yesterday by its
Board of Directors. Art Coppola, formerly President and CEO, is now
CEO and Chairman of the Board of Directors, and Ed Coppola,
formerly Senior Executive Vice President and Chief Investment
Officer, is now President. Three key officers of the company also
are promoted: Tom O'Hern, EVP, Chief Financial Officer, Tony
Grossi, EVP, Chief Operating Officer, and Rick Bayer, EVP, Chief
Legal Officer, are now all Senior Executive Vice Presidents. Mace
Siegel, 83, leaves day-to-day involvement in Macerich, the company
he founded in 1964, but now becomes Founder and Chairman Emeritus
and continues as a member of the Board of Directors. "I am
tremendously proud of Ed, who is more than ready to take on this
important leadership role as President of Macerich," said Art
Coppola. "Mace, Ed and I have long talked about this succession
plan with the Board of Directors, and this leadership progression
continues to position Macerich to take advantage of the full range
of opportunities we see in the marketplace." Both Art and Ed
Coppola began working with Mace Siegel at the company in the mid
1970s. "I am grateful to Mace for the principled and generous
leadership he has always modeled for us. His original vision for
our company will continue to guide our successes as we take on new
goals and move Macerich forward." Macerich is a fully integrated
self-managed and self-administered real estate investment trust,
which focuses on the acquisition, leasing, management, development
and redevelopment of regional malls throughout the United States.
The company is the sole general partner and owns an 86% ownership
interest in The Macerich Partnership, L.P. Macerich now owns
approximately 77 million square feet of gross leaseable area
consisting primarily of interests in 72 regional malls. Additional
information about Macerich can be obtained from the Company's Web
site at http://www.macerich.com/. Note: This release contains
statements that constitute forward-looking statements. Stockholders
are cautioned that any such forward-looking statements are not
guarantees of future performance and involve risks, uncertainties
and other factors that may cause actual results, performance or
achievements of the Company to vary materially from those
anticipated, expected or projected. Such factors include, among
others, general industry, economic and business conditions, which
will, among other things, affect demand for retail space or retail
goods, availability and creditworthiness of current and prospective
tenants, anchor or tenant bankruptcies, closures, mergers or
consolidations, lease rates and terms, interest rate fluctuations,
availability and cost of financing and operating expenses; adverse
changes in the real estate markets including, among other things,
competition from other companies, retail formats and technology,
risks of real estate development and redevelopment, acquisitions
and dispositions; governmental actions and initiatives (including
legislative and regulatory changes); environmental and safety
requirements; and terrorist activities which could adversely affect
all of the above factors. The reader is directed to the Company's
various filings with the Securities and Exchange Commission,
including the Annual Report on Form 10-K/A for the year ended
December 31, 2007, for a discussion of such risks and uncertainties
which discussion is incorporated by reference. DATASOURCE: Macerich
CONTACT: Anita Walker of Macerich, +1-602-953-6550 Web site:
http://www.macerich.com/
Copyright
Macerich (NYSE:MAC)
Historical Stock Chart
From May 2024 to Jun 2024
Macerich (NYSE:MAC)
Historical Stock Chart
From Jun 2023 to Jun 2024