Macerich appoints Devin Murphy to its Board of Directors, enhancing expertise in retail REIT management.
Quiver AI Summary
Macerich, a prominent real estate investment trust specializing in retail properties, announced the appointment of Devin Murphy to its Board of Directors, effective February 1, 2025. With this addition, the Board will consist of nine members, eight of whom are independent. Murphy brings extensive experience in the retail REIT sector, having previously served as President and CFO of Phillips Edison & Company and held senior roles in investment banking at Morgan Stanley and Deutsche Bank. Macerich's President and CEO, Jack Hsieh, expressed enthusiasm about Murphy's expertise in supporting the company's Path Forward plan, aimed at enhancing operational performance and simplifying its business model. Murphy also serves as a Senior Advisor to Fifth Wall and is involved with CoreCivic's Board of Directors. He holds degrees from the College of William and Mary and the University of Michigan.
Potential Positives
- The appointment of Devin Murphy to the Board of Directors enhances Macerich's leadership with a highly respected figure in the REIT industry.
Potential Negatives
- The appointment of Devin Murphy comes after a period of leadership changes, raising questions about the stability and direction of the Board and overall company strategy.
- Despite Murphy's impressive credentials, the heavy reliance on his experience may indicate the company lacks a robust internal leadership capable of driving the Path Forward plan independently.
- While the Path Forward plan is intended to improve company performance, the need for such a plan suggests previous strategies may have failed to achieve the desired results, reflecting potential underlying issues within the company.
FAQ
Who is Devin Murphy and what is his role at Macerich?
Devin Murphy is a seasoned retail REIT executive appointed to Macerich's Board of Directors, effective February 1, 2025.
What previous experience does Devin Murphy have?
He served as President and CFO at Phillips Edison & Company and held senior leadership roles at Morgan Stanley and Deutsche Bank.
How many members are on Macerich's Board of Directors after this appointment?
With Devin Murphy's appointment, Macerich's Board of Directors will consist of nine members, eight of whom are independent.
What is Macerich's Path Forward plan?
The Path Forward plan focuses on simplifying business, improving performance, and reducing leverage to enhance shareholder value.
How is Macerich recognized in terms of sustainability?
Macerich has achieved a #1 Global Real Estate Sustainability Benchmark (GRESB) ranking for North American retail for ten consecutive years.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$MAC Insider Trading Activity
$MAC insiders have traded $MAC stock on the open market 1 times in the past 6 months. Of those trades, 0 have been purchases and 1 have been sales.
Here’s a breakdown of recent trading of $MAC stock by insiders over the last 6 months:
- ANDREA M STEPHEN sold 63,289 shares for an estimated $1,303,120
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$MAC Hedge Fund Activity
We have seen 130 institutional investors add shares of $MAC stock to their portfolio, and 133 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- FMR LLC added 11,679,276 shares (+12475.9%) to their portfolio in Q3 2024, for an estimated $213,029,994
- DEUTSCHE BANK AG\ removed 4,160,673 shares (-88.0%) from their portfolio in Q3 2024, for an estimated $75,890,675
- CITADEL ADVISORS LLC added 2,528,194 shares (+19447646.2%) to their portfolio in Q3 2024, for an estimated $46,114,258
- WELLINGTON MANAGEMENT GROUP LLP removed 2,421,824 shares (-69.5%) from their portfolio in Q3 2024, for an estimated $44,174,069
- CENTERSQUARE INVESTMENT MANAGEMENT LLC added 1,676,771 shares (+282.0%) to their portfolio in Q3 2024, for an estimated $30,584,303
- BAMCO INC /NY/ added 1,494,145 shares (+742.3%) to their portfolio in Q3 2024, for an estimated $27,253,204
- RUSSELL INVESTMENTS GROUP, LTD. removed 1,091,221 shares (-81.5%) from their portfolio in Q3 2024, for an estimated $19,903,871
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
SANTA MONICA, Calif., Jan. 24, 2025 (GLOBE NEWSWIRE) -- Macerich (NYSE: MAC), one of the nation’s leading owners, operators and developers of major retail properties in top markets, today announced the appointment of Devin Murphy to its Board of Directors, effective February 1, 2025.
With the addition of Mr. Murphy, Macerich’s Board will have nine directors, eight of whom are independent.
A seasoned retail REIT executive, Mr. Murphy served for more than a decade at Phillips Edison & Company (PECO), one of the nation’s largest owners and operators of grocery-anchored neighborhood shopping centers. Mr. Murphy served as PECO’s President from 2019 until 2024. He was the company’s CFO for six years prior to becoming President in 2019. Mr. Murphy was elected to the Board of Directors of PECO, a NASDAQ-listed REIT, in July 2024.
Before joining PECO in 2013, Mr. Murphy worked for 28 years as an investment banker and held senior leadership roles at Morgan Stanley and Deutsche Bank. He was the Global Head of Real Estate Investment Banking at Deutsche Bank, where his team executed over 500 transactions, representing total transaction volume over $400 billion, and a Vice Chairman at Morgan Stanley.
“On behalf of my fellow board members, we are incredibly pleased to welcome Devin to the Macerich Board,” said Jack Hsieh, President and CEO, Macerich. “Devin is a highly respected leader within the REIT industry, and he brings a wealth of experience and strategic counsel as we execute on the Path Forward plan. I look forward to working with Devin as we continue to execute on all our strategic priorities.”
Last May, Macerich launched its detailed Path Forward plan designed to lead the company to elevated performance and forward its mission to add long-term value for shareholders, partners, and customers. Macerich’s three-part plan is focused on simplifying its business, improving operational performance and reducing leverage.
“I am honored by the opportunity to join the Macerich Board as the company further positions itself as an industry leader under Jack’s steady guidance,” said Mr. Murphy. “I look forward to bringing my expertise in both the REIT and investment space in supporting the success of Macerich’s well-crafted Path Forward strategy that concentrates the portfolio on its best properties and a substantially stronger balance sheet.”
Mr. Murphy currently serves as a Senior Advisor to Fifth Wall, the largest venture capital firm focused on the global real estate industry. He is also a Director of CoreCivic, a NYSE-listed, diversified government solutions company, where he serves on the Audit and Risk committees and chairs the Nominating and Governance committee.
Mr. Murphy earned a B.A. in English and History with Honors from the College of William and Mary and an MBA from the University of Michigan.
About Macerich
Macerich is a fully integrated, self-managed, self-administered real estate investment trust (REIT). As a leading owner, operator, and developer of high-quality retail real estate in densely populated and attractive U.S. markets, Macerich’s portfolio is concentrated in California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro New York to Washington, D.C. corridor. Developing and managing properties that serve as community cornerstones, Macerich currently owns 43 million square feet of real estate, consisting primarily of interests in 40 retail centers. Macerich is firmly dedicated to advancing environmental goals, social good, and sound corporate governance. A recognized leader in sustainability, Macerich has achieved a #1 Global Real Estate Sustainability Benchmark (GRESB) ranking for the North American retail sector for ten consecutive years (2015-2024). For more information, please visit
www.Macerich.com
.
Macerich uses, and intends to continue to use, its Investor Relations website, which can be found at investing.macerich.com, as a means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD. Additional information about Macerich can be found through social media platforms such as LinkedIn. Reconciliations of non-GAAP financial measures, including NOI and FFO, to the most directly comparable GAAP measures are included in the earnings release and supplemental filed on Form 8-K with the SEC, which are posted on the Investor Relations website at investing.macerich.com .
MAC-I
SOURCE: Macerich
INVESTOR CONTACT: Samantha Greening, AVP Investor Relations,
[email protected]
MEDIA CONTACT: Arun Khosla, VP Corporate Communications,
[email protected]
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5a9ae1e5-0f97-4988-9aef-f44ef2e2a4ed