Mack-Cali CEO Michael J. DeMarco is one of the incumbent directors seeking re-election to Mack-Cali Realty Corp.
JERSEY CITY, NJ—Mack-Cali Realty Corp., once again looking to fend off dissident shareholder group Bow Street LLC, has proposed a slate of director nominees that include six incumbent board members and five new director candidates for election at its 2020 Annual Meeting.
In addition to the company's incumbent directors—Alan S. Bernikow, Michael J. DeMarco, Lisa Myers, Laura Pomerantz, Rebecca Robertson and Dr. Irvin D. Reid—Mack-Cali's director slate also includes five new independent nominees: Jamie Behar, Michael Berman, Howard Roth, Gail Steinel, and Lee Wielansky.
The chairman of the Mack-Cali Board, William L. Mack, is not standing for re-election.
The new management-endorsed board of director slate comes after Bow Street, which holds 4.5% of Mack-Cali's outstanding stock, and Mack-Cali management traded charges recently concerning the direction of the company. Bow Street had criticized management's director selection process, while Mack-Cali has stated that it had been informed that Bow Street was preparing to endorse its own slate of directors for election.
In addition to the company's incumbent directors—Alan S. Bernikow, Michael J. DeMarco, Lisa Myers, Laura Pomerantz, Rebecca Robertson and Dr. Irvin D. Reid—Mack-Cali's director slate includes five new highly qualified, independent nominees: Jamie Behar, Michael Berman, Howard Roth, Gail Steinel, and Lee Wielansky.
The five new director nominees all have extensive real estate experience at executive levels.
Behar has served as managing director, real estate & alternative investments at General Motors Investment Management Corporation, where she oversaw a portfolio of up to $12 billion in real estate, energy and timber investments. She also currently serves as Independent Director of ARMOUR Residential REIT, Sunstone Hotel Investors and Shurgard Self Storage SA.
Berman is the former CFO of Equity Lifestyle Properties, Inc. and General Growth Properties, Inc. and is the current chair of the audit committee of Brixmor Property Group Inc.
Roth, the former global sector leader of Ernst & Young's real estate, hospitality and construction practice, has more than 32 years experience in real estate. He is the current chair of the audit committee of Lexington Realty Trust.
Steinel most recently served an EVP at BearingPoint and earlier in her career she led her team of 10,000 employees through its sale to KPMG Consulting. Steinel is the current chair of the audit committee of Federal Realty Investment Trust.
Wielansky served as CEO of both private and public development companies, and in his role as a director he helped guide the sale of Isle of Capri Casinos. He is the current lead independent director of Acadia Realty Trust.
The five new director nominees were identified through what the company states was a comprehensive search process conducted by the Nominating and Corporate Governance Committee of the Mack-Cali Board, composed solely of independent directors, with the assistance of national director search firm Ferguson Partners.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
