EDISON, NJ-The early departures of Mack-Cali's CFO and general counsel will produce “significant cost savings,” said the REIT's CEO Mitchell Hersh in announcing the two had agreed to resign at the end of the month. The long-time executives will get significant amounts in cash as well as stock when they leave, however.

Regulatory filings made in connection with Mack-Cali's reorganization specify that 20-year employee Barry Lefkowitz, who is an EVP and CFO is to receive:

• $2.5 million in cash
• $763,000 in deferred retirement compensation
• $123,601 in performance bonuses.

Roger Thomas, an EVP and general counsel will get:

• $300,000 for working as a consultant through September
• $2.5 million in cash
• $476,888 in deferred retirement compensation
• $73,800 in performance bonuses

Anthony Krug, who is now Mack-Cali's chief accounting officer, will be the acting CFO when Lefkowitz departs on March 31.

Mack-Cali announced the changes Monday morning, saying the company was moving to a more efficient management structure as it continues its move to build its multifamily portfolio, and also adding a board member. See previous story.