Mack-Cali Realty Corporation (NYSE: CLI) today announced that based on the guidance of shareholders, the Company has modified its slate of candidates standing for election to the Board of Directors at the Company's Annual Meeting of Stockholders, scheduled for June 10, 2020. The Company's slate now includes eight nominees, only three of whom have previously served on the Mack-Cali Board. Additionally, each of the Mack-Cali Board's incumbent director nominees - Lisa Myers, Laura Pomerantz and Rebecca Robertson – was elected in the last four years. The Company's CEO, Michael J. DeMarco, Alan S. Bernikow, and Dr. Irvin D. Reid, each of whom is an incumbent Mack-Cali director, will not seek reelection at the 2020 Annual Meeting. Mr. DeMarco will remain as the Company's CEO.
The current Mack-Cali Board Chair, Governance Committee Chair and Audit Committee Chair are not standing for election, ensuring significant change in the Board's leadership.
"Mack-Cali is open-minded and responsive to feedback, and this new slate is reflective of shareholders' desire for continued and accelerated Board refreshment," said Lisa Myers, Independent Director of the Mack-Cali Board, on behalf of the Board. "We believe that shareholders wanted confidence that the Board would comprise fresh faces and be fully independent of management and our revised slate reflects the feedback we have heard. Our shareholders have also highlighted the importance of preserving the independence of the Board, preventing a change of control, and allowing for new perspectives while maintaining important continuity of experience. We are focused on ensuring that the Board includes truly independent directors who are committed to advancing the interests of all shareholders, so that the Company can continue to successfully execute its strategy to maximize value for all investors."
Mack-Cali's slate of eight candidates includes five new nominees with highly relevant skill sets, deep experience in the public REIT space, and public company experience from across various industries. All of Mack-Cali's eight nominees are independent of the Company's management, directors and the Mack family.
Every vote counts. Mack-Cali urges fellow shareholders to vote "FOR" the Company's director nominees by internet, phone or on the WHITE proxy card sent by mail. Additionally, given the virtual format of this year's Annual Meeting, shareholders have the opportunity to vote by ballot as opposed to by individual proxy card by attending the virtual Annual Meeting. This will provide shareholders the opportunity to choose their own slate of eleven director nominees from the director nominees on both the WHITE and gold cards.
About Mack-Cali Realty Corporation
One of the country's leading real estate investment trusts (REITs), Mack-Cali Realty Corporation is an owner, manager and developer of premier office and multifamily properties in select waterfront and transit-oriented markets throughout New Jersey. Mack-Cali is headquartered in Jersey City, New Jersey, and is the visionary behind the city's flourishing waterfront, where the company is leading development, improvement and place-making initiatives for Harborside, a master-planned destination comprised of class A office, luxury apartments, diverse retail and restaurants, and public spaces.
A fully integrated and self-managed company, Mack-Cali has provided world-class management, leasing, and development services throughout New Jersey and the surrounding region for two decades. By
regularly investing in its properties and innovative lifestyle amenity packages, Mack-Cali creates environments that empower tenants and residents to reimagine the way they work and live.
For more information on Mack-Cali Realty Corporation and its properties, visit www.mack-cali.com.
