Hersh to step down as head of Mack-Cali

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Leader of New Jersey real estate powerhouse will remain in charge until May to help search committee to find successor.In a news release, the Edison-based real estate investment trust said Hersh will not stand for re-election to Mack-Cali’s board of directors. The company said the board intends to form a search committee and retain an executive search firm to identify a successor.

The news release said that to ensure a smooth transition, Hersh “will continue to lead Mack-Cali in his current positions until his departure and will support the board’s search process.”

“It has been a privilege to lead the finest employees in the industry, whose commitment and hard work never ceases to impress me,” Hersh said in a prepared statement. “Together, we have steadily outperformed most of the markets that we operate in and have continued to reinvest in our office properties. At the same time, we have significantly advanced our multifamily residential strategy, successfully increasing the company’s residential business mix through developable land acquisitions and property investments.

Mack-Cali, a titan in commercial real estate, has been hurt in recent years by the downturn and the effect that has had on its vast suburban office portfolio. With Hersh at the helm, the company has jumped into the thriving multifamily residential market, largely through its acquisition in 2012 of Roseland Property Co.

Hersh continued: “After 17 years at Mack-Cali and 24 years at a predecessor company, I agree that it is the right time to transition leadership responsibilities, and I know that Mack-Cali has an outstanding team in place to continue building on our momentum. We have built a strong platform for long-term growth, and I am confident in the company’s future.”

Mack-Cali Chairman William L. Mack issued this statement:

“On behalf of the board of directors of Mack-Cali, I want to thank Mitch for his many contributions to the Company. Under his leadership, Mack-Cali has successfully repositioned its portfolio and diversified into the multifamily apartment sector. We look forward to identifying a new leader to continue executing on our strategic initiatives and strengthening our already strong platform. We greatly appreciate Mitch’s dedication to ensuring a seamless transition and wish him the best in his future endeavors.”

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