Santa Monica, CA-based The Macerich Co. recently revealed that Thomas O’Hern will be appointed to the role of CEO of the company, effective as of January 1, 2019. O’Hern will succeed Arthur Coppola, who, as The REIT Wire recently reported, is retiring from his role as CEO effective as of December 31, 2018.
O’Hern currently serves as the company’s Senior Executive Vice President, Chief Financial Officer and Treasurer and will continue to serve in that role until his appointment to the role of Chief Executive Officer.
The company also revealed that Scott Kingsmore, Senior Vice President of Finance, will assume the role of Executive Vice President, Chief Financial Officer and Treasurer of the Company, effective as of January 1, 2019, to succeed Mr. O’Hern.
As the incoming Chief Executive Officer, O’Hern will be nominated to stand for election to the company’s Board of Directors as a director at the 2018 Annual Meeting to fill the seat previously held by Coppola, whose term as a director and chairman will expire at the 2018 Annual Meeting. The Board has appointed Steven Hash, current Lead Independent Director, to serve in the role of independent Chairman of the Board as of the 2018 Annual Meeting and will separate the roles of CEO and Board Chair as of such date.
“The Board and I are all delighted to name Tom as the company’s next CEO,” said Steven Hash, Lead Director and incoming Chairman of the Board. “Succession planning is a top priority for the Board, and the Board was unified in its determination that Tom is the right person to lead Macerich into the future. We are confident Tom will build upon the Company’s success with a keen eye towards its future and a focus on generating long-term value for the Company and all of our stockholders.”
Coppola said, “Tom has tremendous passion for our business, and I have had the pleasure of working side-by-side with Tom for 25 years. Our CFO since 1994, Tom is a proven, results-driven leader who has been instrumental in Macerich’s success. Tom’s deep knowledge of our Company and the evolving retail landscape, his financial and strategic acumen and his rich network of relationships across our industry and with Macerich’s investors will continue to be powerful assets to the Company. We are blessed to have a deep bench of talented associates with significant tenure at the Company. Tom is absolutely the right leader at the right time for this team.”
O’Hern said, “I am honored that the Board has chosen to entrust me with the privilege and responsibility of leading Macerich into its next stage, building on our history of excellence and success. I look forward to working with the Board and my Macerich colleagues to execute on the Company’s strategic and operational priorities, and I am confident we are well positioned to drive continued success. I want to thank our incredible and hardworking team of employees for their support and dedication. We are all committed to ensuring Macerich’s centers are the locations of choice for retailers, delivering unique experiences for shoppers and enhanced value for stockholders. I am also delighted that Scott Kingsmore, with whom I have worked for many years, will succeed me in the role of CFO.”
The company also revealed that Robert Perlmutter, former chief operating officer of the company, has departed from Macerich.
O’Hern was appointed Senior Executive Vice President in September 2008 and has been the company’s Chief Financial Officer and Treasurer since July 1994. O’Hern was an Executive Vice President from December 1998 through September 2008 and served as a Senior Vice President from March 1993 to December 1998. From the company’s formation to July 1994, he served as Chief Accounting Officer, Treasurer and Secretary. From November 1984 to March 1993, O’Hern was a Chief Financial Officer at various real estate development companies. He was also a certified public accountant with Arthur Andersen & Co. and he was with that firm from 1978 through 1984. O’Hern is a member of the board of directors, the audit committee chairman and a member of the nominating and corporate governance committee of Douglas Emmett, Inc., a publicly traded REIT. O’Hern also serves on The USC Marshall School of Business Board of Leaders.