Michael DeMarco, CEO of Mack-Cali Realty Corp.
The investment firm Bow Street Capital has launched another effort to oust Mack-Cali Realty Corp. CEO Michael DeMarco, according to multiple published reports.
Bow Street, which Reuters reported owns about 4.5% of the Jersey City-based real estate investment trust, has nominated four directors to the 11-member board in a bid for control.
Last year, the firm won four board seats, but could not convince the rest of the directors to follow its recommendations, the reports said.
“The time has come for a change in leadership,” Bow Street’s managing partners wrote in a letter to shareholders Thursday. Akiva Katz and Howard Shainker claimed DeMarco has “(a) bullying demeanor and aggressive behavior.”
