After Three-Year Run, Mack-Cali Chairman Is Stepping Down

I expect to become chairman-emeritus’ very soon. That’s how John Cali, chairman, describes the pending change at the top of one of the country’s biggest REITs. Mack-Cali Corp. was formed three years ago with the merger of the Mack Co. and Cali Realty Corp., and today is a $3.5-billion company with more than 250 properties (mostly class A office buildings) totaling over 28 million sf in a dozen states and the District of Columbia.

Since the merger, Cali has held the chairman’s post, with Mack Co. founder William Mack one step down as chairman of the executive committee. With Cali, 81, stepping down, Mack is expected to take over as chairman of the board. A date for the transfer of power is expected to be set “within the next few weeks,” according to a company spokesperson.

Additional executive changes “could take place soon,” according to Cali. “Whatever happens will be for the good of Mack-Cali.” One change that’s unlikely to happen is in the day-to-day operation of the company. Mitch Hersh, a former Mack Co. partner, became CEO early last year, is expected to retain that position. One change that is expected to occur is that Cali’s son Brant isn’t expected to have his term as a board member renewed.