Locked in a battle with an investor for control of the board of directors, Mack-Cali Realty Corp. announced Tuesday that Chairman William Mack will not stand for reelection to the board.
In its news release about the latest board nominees, the Jersey City-based real estate investment trust announced Mack’s decision. Mack has been on the firm’s board since the 1997 merger of his The Mack Co. with Cali Realty Corp., and has served as chairman since 2000.
Mack-Cali’s leadership has been clashing with investor Bow Street, which has nominated its own majority slate of eight director candidates. The investment firm hopes to control the board and oust CEO Mike DeMarco, implementing its own strategy for the business.
Bow Street had placed four directors on the board in 2019 as part of an agreement with company leadership. Mack-Cali said the four declined to be backed for reelection by the board, instead joining the renewed Bow Street slate of nominees.
Mack-Cali has nominated six incumbent directors, including DeMarco, as well as five independent nominees. If Mack-Cali’s slate is elected, nine of the 10 directors — excepting DeMarco — would be considered independent and seven would have been elected within the past two years.