SANTA MONICA, CA–The Macerich Co. has selected company veteran Thomas O'Hern to serve as CEO, effective Jan. 1, 2019. He will succeed Arthur Coppola, who is retiring at the end of this year.
O'Hern is currently the company's SVP, CFO and Treasurer and he will continue in those roles until he moves to the executive office. Scott Kingsmore, SVP of Finance, will succeed O'Hern at that point.
In a prepared statement Coppola noted he has been working with O'Hern for 25 years. “Tom's deep knowledge of our company and the evolving retail landscape, his financial and strategic acumen and his rich network of relationships across our industry and with Macerich's investors will continue to be powerful assets to the company,” he said.
O'Hern will be nominated to stand for election to the REIT's Board of Directors as a director at the 2018 Annual Meeting to fill the seat previously held by Coppola, whose term as a director and Chairman will expire at the 2018 Annual Meeting. The board has appointed Steven Hash, current Lead Independent Director, to be independent Chairman of the Board as of the 2018 Annual Meeting and will separate the roles of CEO and Board Chair as of such date.
According to Hash, the board was united in its decision to appoint O'Hern as CEO.
O'Hern was appointed SEVP in September 2008 and has been the company's CFO and Treasurer since July 1994. He was an EVP from December 1998 through September 2008 and served as a SVP from March 1993 to December 1998. From the company's formation to July 1994, he served as Chief Accounting Officer, Treasurer and Secretary.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
