Mack-Cali Realty Corp.’s board of directors, which was reshaped after a successful investor coup, has ousted CEO Mike DeMarco, replacing him — effective immediately — with board Chair MaryAnne Gilmartin.
Gilmartin will serve as interim CEO, while a board committee oversees a search for a permanent replacement.
Gilmartin joined the Mack-Cali board in 2019.
“On behalf of the board, I would like to thank Michael for his service to Mack-Cali,” Gilmartin said in a prepared statement. “I look forward to working with the talented Mack-Cali team and all of our stakeholders to ensure that the company operates at the highest level.”
Tammy K. Jones has been named lead independent director for the Jersey City-based real estate investment trust. She joined the board at its recent 2020 meeting, when investor Bow Street LLC took control of the company following a long-running dispute with the prior board.
Bow Street had railed against the direction of the company, and targeted DeMarco’s leadership among its complaints.
Gilmartin has more than 30 years of real estate experience, including as founder and CEO of MAG Partners, which will continue to operate under internal leadership in her absence.