JERSEY CITY, N.J., March 15, 2018 /PRNewswire/ -- Mack-Cali
Realty Corporation (NYSE: CLI) today announced the appointment of
Michael J. DeMarco, Chief Executive
Officer of Mack-Cali Realty Corporation, to the Board of Directors
effective immediately. Mr. DeMarco's addition to the Board expanded
the total number of members from nine to ten.
William L. Mack, Chairman of the
Board, stated: "We are pleased to announce changes to the board of
directors and enhancements to our corporate governance. Mike has
been instrumental in transforming Mack-Cali since joining the Company in the summer
of 2015, and we believe that his stewardship will lead to
additional shareholder value as we move ahead."
In addition to adding Mr. DeMarco to the Board, the Company also
adopted second amended and restated bylaws to implement certain
amendments to further empower the Company's stockholders.
Pursuant to the bylaw amendments adopted by the Company, a
stockholder, or a group of up to twenty stockholders, who has owned
at least three percent (3%) of the Company for at least one year
will generally have the right to propose amendments to the bylaws
to be voted on by all stockholders. In addition, the new bylaws
provide for a true majority vote standard for the election of
directors, which will require each director who does not receive a
majority of votes cast in an uncontested election to tender his or
her resignation to the Board.
The new bylaws also expand the opt out of the Maryland Control
Share Acquisition Act to apply to all stockholders. The
Maryland Control Share Acquisition Act generally provides that
holders of control shares of a Maryland corporation, which are defined as
voting shares of stock that would entitle the acquiring person to
exercise voting power in electing directors within one of three
ranges of voting power specified in the statute, that are acquired
in a control share acquisition, have no voting rights with respect
to the control shares except to the extent approved by a vote of
two-thirds majority of stockholders (excluding the holders of the
control shares).
The new bylaws also include other technical, clarifying and
conforming amendments. The complete text of the Company's new
bylaws were included in a Current Report on Form 8-K that the
Company filed with the Securities and Exchange Commission
today.
About Mack-Cali Realty Corporation
Mack-Cali Realty Corporation is a fully integrated,
self-administered, self-managed real estate investment trust (REIT)
providing management, leasing, development, and other
tenant-related services for its two-platform operations of
waterfront and transit-based office and luxury multifamily assets.
Mack-Cali provides its tenants and
residents with the most innovative communities that empower them to
re-imagine the way they work and live.
Additional information on Mack-Cali Realty Corporation and the
commercial real estate properties and multifamily residential
communities available for lease can be found on the Company's
website at www.mack-cali.com.
Statements made in this press release may be forward-looking
statements within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended. Forward-looking statements can be
identified by the use of words such as "may," "will," "plan,"
"potential," "projected," "should," "expect," "anticipate,"
"estimate," "target," "continue," or comparable terminology. Such
forward-looking statements are inherently subject to certain risks,
trends and uncertainties, many of which the Company cannot predict
with accuracy and some of which the Company might not even
anticipate, and involve factors that may cause actual results to
differ materially from those projected or suggested. Readers are
cautioned not to place undue reliance on these forward-looking
statements and are advised to consider the factors listed above
together with the additional factors under the heading "Disclosure
Regarding Forward-Looking Statements" and "Risk Factors" in the
Company's Annual Reports on Form 10-K, as may be supplemented or
amended by the Company's Quarterly Reports on Form 10-Q, which are
incorporated herein by reference. The Company assumes no obligation
to update or supplement forward-looking statements that become
untrue because of subsequent events, new information or
otherwise.
Contact:
|
Deidre Crockett
Mack-Cali Realty Corporation
Senior Vice President, Corporate Communications
and Investor
Relations
(732) 590-1025
dcrockett@mack-cali.com
|
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SOURCE Mack-Cali Realty Corporation