SANTA MONICA, Calif. - The Macerich Company (NYSE:MAC), a prominent real estate investment trust, announced today that Jackson Hsieh will take over as President and Chief Executive Officer on March 1, 2024, following Thomas O'Hern's retirement. O'Hern, who has served Macerich for three decades, will remain as an advisor until June 30, 2024, to aid in the transition.
The selection of Hsieh comes after a comprehensive search by Macerich's Board with assistance from Ferguson Partners. Hsieh's previous role as President & CEO of Spirit Realty Capital (NYSE:SRC) saw him lead a significant merger and the acquisition of a diversified real estate portfolio. His extensive experience in global lodging and real estate investment banking is expected to benefit Macerich in its future endeavors.
Steven Hash, Chairman of Macerich, praised Hsieh's seasoned expertise and leadership capabilities. O'Hern, who joined Macerich as CFO at its inception and played a pivotal role in its growth, expressed confidence in Hsieh's ability to drive shareholder value. Hsieh himself is eager to contribute to Macerich's success in the current retail leasing climate.
In conjunction with O'Hern's retirement, President Edward Coppola will also depart from the company, marking the end of his 46-year tenure. Hash acknowledged both O'Hern and Coppola for their contributions to Macerich's portfolio development and positioning the company for sustained growth.
Macerich, with a focus on high-quality retail real estate, owns approximately 46 million square feet across several key U.S. markets. The company has been recognized for its sustainability efforts, leading the North American retail sector in GRESB rankings for nine years in a row.
This leadership transition is based on a press release statement and marks a new chapter for Macerich as it continues to navigate the post-COVID retail landscape.
InvestingPro Insights
As Macerich Company (NYSE:MAC) welcomes Jackson Hsieh to the helm, investors are keeping a keen eye on the company's financial health and market performance. According to InvestingPro data, Macerich currently holds a market capitalization of $3.47B, with a Price to Book ratio for the last twelve months as of Q3 2023 standing at 1.43, indicating a potentially reasonable valuation of the company's assets relative to its market price. Despite a challenging retail environment, Macerich has demonstrated resilience with a dividend yield of 4.39% as of the latest data, maintaining its streak of dividend payments for 31 consecutive years—a testament to its commitment to shareholder returns.
InvestingPro Tips highlight that while the stock has experienced significant volatility and a recent price decline, it has also seen a strong return over the last three months, with a 40.22% price total return. However, analysts are cautious, noting that net income is expected to decline this year, and the company is not anticipated to be profitable within the year. Additionally, Macerich's short-term obligations currently exceed its liquid assets, which could pose liquidity risks.
Investors considering Macerich as part of their portfolio may find additional insights and tips on InvestingPro, which lists several more tips for a comprehensive analysis. With the InvestingPro subscription now on a special New Year sale at up to 50% off, it's an opportune time to access these valuable insights. Use coupon code SFY24 for an additional 10% off a 2-year InvestingPro+ subscription, or SFY241 for an additional 10% off a 1-year InvestingPro+ subscription, to further enhance your investment strategy.
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