Michael DeMarco, CEO of Mack-Cali Realty Corp.
JERSEY CITY, NJ—Nine months after dissident investor group Bow Street LLC helped elect four independent directors to the Mack-Cali Realty Corp. Board, the New York City-based firm is now calling for the removal of Mack-Cali CEO Michael DeMarco.
Bow Street, a New York City-based investment firm that owns approximately 4.5% of the outstanding shares of common stock of Mack-Cali Realty Corp., is also calling for the election of four additional new directors to the Mack-Cali Board of Directors.
Since the 2019 Mack-Cali annual meeting, Bow Street charges that it has become clear that a change in leadership at the management and Board levels is required to protect shareholders from the legacy issues that plague the company.
In a letter to Mack-Cali shareholders, Bow Street charges that Mack-Cali has underperformed under DeMarco's leadership and cited recent press reports that suggest the "Rizk Ventures/UDR consortium was one of no less than five prospective bidders that have expressed interest in acquiring Mack-Cali since January of this year. We do not believe any of this interest was seriously evaluated or considered by the company."
The four additional Board candidates nominated by Bow Street are: Tammy K. Jones, who has served as both co-founder and CEO of Basis Investment Group; A. Akiva Katz, co-founder and a managing partner at Bow Street LLC; Mahbod Nia, who was CEO of NorthStar Realty Europe Corp.; and Howard S. Stern, the founder and principal of Stern & Associates, LLC.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
