The Macerich Company Announces CEO Change
February 05 2024 - 7:00AM
The Macerich Company (NYSE: MAC) (the “Company”) today announced
that Jackson Hsieh will become the President and Chief Executive of
Macerich on March 1, 2024, following the retirement of Thomas
O’Hern after 30 years of service to the Company. Mr. O’Hern will
serve as an advisor to the Company through June 30, 2024, to ensure
a smooth transition. Mr. Hsieh’s appointment as President and Chief
Executive Officer follows an extensive search process by the Board
with the assistance of Ferguson Partners, a prominent global
executive recruitment firm.
Steven Hash, Chairman of the Board of Macerich
said, “Jackson is a seasoned real estate executive, and he is an
outstanding choice to succeed Tom. Most recently Jackson was the
President & Chief Executive Officer of Spirit Realty Capital
where he led the successful merger of Spirit with Realty Income
Corporation through an all-stock transaction valued at an
enterprise value of approximately $9.3 billion. The merger with
Realty Income followed Spirit’s successful sale of $4.7 billion in
non-core assets, including the spin-off of approximately $2.9
billion in assets into a separate publicly traded company and
acquired over $6.2 billion in retail and industrial assets to
create a high-quality diversified real estate portfolio. Prior to
Spirit, Jackson spent over 25 years in Global Lodging and Real
Estate Investment Banking, having successful careers at a number of
prestigious investment banks.”
“I am very pleased to welcome Jackson to
Macerich,” added Mr. O’Hern. “His decades of real estate
experience, both as a REIT CEO and in investment banking, and his
proven strategic vision coupled with an ability to lead an
organization in a collaborative, culture-driven manner make him the
right person to lead the Company going forward and create long term
shareholder value.”
Mr. Hsieh commented, “I am excited to be joining
Macerich at this time in the robust retail leasing environment. I
look forward to bringing my energy, enthusiasm, and experience to
Macerich’s outstanding real estate assets, people, and Board of
Directors.”
Mr. O’Hern is retiring from Macerich after 30
years of service, most recently as Chief Executive Officer and
previously as Chief Financial Officer. Mr. Hash commented, “Tom has
provided strategic and tactical leadership for the Company,
initially as its Chief Financial Officer from its formation in 1993
and its initial public offering in 1994. He helped grow the Company
from $650 million in total market capitalization to over $10.5
billion today. His tenure as Chief Executive Officer, began in 2019
and he led the Company through the many challenges the COVID
pandemic created for the Company and the mall sector and guided the
Company to its subsequent return to pre-Covid levels of operating
performance.”
Concurrent with Mr. O’Hern’s retirement,
President Edward Coppola will also be retiring from the
Company.
Mr. Hash noted, “Mr. Coppola has had a long and
successful career at Macerich. His tenure with Macerich and its
predecessor companies spans 46 years. A founding partner of the
original Macerich Group which he joined in 1977, Mr. Coppola was an
integral member of the IPO team in 1994 and he also led the
acquisition of significant post-IPO additions including the 2002
acquisition of the Westcor Company and the 2005 acquisition of The
Wilmorite Company. Those two mergers dramatically changed the
composition of the Company and the quality of its
portfolio.
On behalf of the Board, I want to thank and
commend Tom and Ed for their distinguished track records at the
Company. Under their leadership, Macerich has densified and
diversified its world-class portfolio of town-centers for the
future, positioning the Company for long-term growth and
success.
The Board and management will remain focused on
ensuring Macerich’s centers are the locations of choice for
retailers, delivering unique experiences for shoppers and enhanced
value for stockholders. I want to express my appreciation of the
incredibly strong management team and deep bench that has been put
in place over the years and has helped drive strong post COVID
results to key operating metrics of same-store NOI growth,
occupancy, tenant sales and leasing volumes which have recovered to
all-time highs.”
ABOUT MACERICH
Macerich is a fully integrated, self-managed and
self-administered real estate investment trust (REIT). As a
leading owner, operator and developer of high-quality retail real
estate in densely populated and attractive U.S. markets, Macerich’s
portfolio is concentrated in California, the Pacific Northwest,
Phoenix/Scottsdale, and the Metro New York to Washington, D.C.
corridor. Developing and managing properties that serve as
community cornerstones, Macerich currently owns 46 million square
feet of real estate consisting primarily of interests
in 43 regional town centers. Macerich is firmly
dedicated to advancing environmental goals, social good and sound
corporate governance. A recognized leader in sustainability,
Macerich has achieved a #1 Global Real Estate
Sustainability Benchmark (GRESB) ranking for the North
American retail sector for nine consecutive years (2015-2023).
For more information, please visit www.Macerich.com.
Macerich uses, and intends to continue to use,
its Investor Relations website, which can be found at
investing.macerich.com, as a means of disclosing material nonpublic
information and for complying with its disclosure obligations under
Regulation FD. Additional information about Macerich can be found
through social media platforms such as LinkedIn. Reconciliations of
non-GAAP financial measures, including NOI and FFO, to the most
directly comparable GAAP measures are included in the earnings
release and supplemental filed on Form 8-K with the SEC, which are
posted on the Investor Relations website at
investing.macerich.com
INVESTOR CONTACT: Samantha Greening, Assistant Vice President,
Investor Relations, Samantha.Greening@macerich.com
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