EDISON—Mack-Cali Realty Corp.'s chief financial officer, Barry Lefkowitz, and its general counsel and secretary Roger W. Thomas have agreed to resign their positions by the end of the month, said the REIT in a statement Monday morning.
In another Monday morning move, Jonathan Litt joined the Board of Directors, as an additional, 11th member. Litt is founder of Land & Buildings Investment Management, a consultancy specializing in publically traded real estate and securities.
Concerning the departure of Lefkowitz and Thomas, Mack-Cali CEO said, “This announcement reflects an important step in our ongoing strategic transition and will result in significant cost savings. The re-organization of our team will create a more efficient management structure and facilitate our ongoing diversification into the multi-family sector.”
Mack-Cali has been rapidly transforming itself into a power in the multifamily market over the past few years, after a long history as a developer, owner and operator of commercial office properties.
Lefkowitz and Thomas “have provided capable and valued service to Mack-Cali and its predecessor companies for more than 20 years,” the Monday statement said. Thomas will stay on as a consultant for six months to assist in transitions.
Anthony Krug, the company's chief accounting officer, will serve as acting chief financial officer of Mack-Cali. Gary Wagner, senior associate general counsel, will serve as acting chief legal officer and interim secretary of Mack-Cali. Also, Ivan Baron, general counsel for Mack-Cali subsiary Roseland, will serve as chief legal officer of Roseland.
Hersh said, “We thank Barry and Roger for their service and contributions to Mack-Cali, and wish them the best in their future endeavors.”
William L. Mack, chairman of the Mack-Cali Board, said Litt was named to the board because of his experience as “a sell-side real estate analyst, buy-side investor, and Mack-Cali stockholder.”
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