March 16, 2018
Office and multifamily REIT Mack-Cali Realty Corp. has appointed CEO Michael DeMarco to its board, expanding the board’s membership to 10. DeMarco joined the company three years ago and “has been instrumental in transforming Mack-Cali” since then, said board chairman William Mack.
The company has also implemented changes to its bylaws, enabling individual stockholders or groups of up to 20 to propose bylaws and amendments for a vote by all shareholders. In addition, directors standing for election must receive a majority of the vote, or tender their resignations from the board.
Fourth-quarter and full-year 2017 financial results, announced in February, saw the company increase funds from operations on a year-over-year basis for both Q4 and the full 12-month period. “We made considerable progress during 2017 in repositioning our office portfolio and converting subordinate interests in our Roseland residential portfolio into majority owned positions,” DeMarco said in February.
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