The Macerich Company (NYSE: MAC) has announced a change in its executive leadership, with Jackson Hsieh set to become the President and Chief Executive Officer on March 1, 2024, following the retirement of Thomas O'Hern after 30 years of service to the company. Mr. O'Hern will continue to serve as an advisor to the company through June 30, 2024, to ensure a smooth transition.
Steven Hash, Chairman of the Board of Macerich, expressed confidence in Hsieh's appointment, stating, "Jackson is a seasoned real estate executive, and he is an outstanding choice to succeed Tom." Hash also commended O'Hern for his strategic and tactical leadership, highlighting his role in guiding the company through the challenges posed by the COVID-19 pandemic and steering it back to pre-pandemic levels of operating performance.
Jackson Hsieh, the incoming CEO, expressed his excitement about joining Macerich, citing the robust retail leasing environment and expressing his eagerness to leverage his experience and energy to drive value for the company.
Regarding the retirements of O'Hern and President Edward Coppola, Mr. Hash acknowledged their distinguished track records at the company, emphasizing their contributions to densifying and diversifying Macerich's portfolio of town centers for future growth.
Macerich, a leading owner, operator, and developer of high-quality retail real estate in the U.S., currently owns 46 million square feet of real estate primarily consisting of interests in 43 regional town centers. The company has been dedicated to advancing environmental goals, social good, and sound corporate governance, earning recognition as a leader in sustainability.
Macerich's shares experienced a 2.0% decline today, reaching trading price of $15.16.
The company's full 8-K submission is available here.
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|
| Revenue (k) | $960,351 | $927,462 | $786,026 | $847,437 | $859,164 | $873,605 |
| Revenue Growth | n/a | -3.42% | -15.25% | 7.81% | 1.38% | 1.68% |
| Net Margins | 7% | 11% | -31% | 2% | -8% | -38% |
| Net Income (k) | $68,972 | $102,554 | -$245,462 | $14,263 | -$66,068 | -$334,553 |
| Net Interest Expense (k) | $182,962 | $138,254 | $75,550 | $192,679 | $216,851 | $204,413 |
| Depreciation & Amort. (k) | $327,436 | $330,726 | $319,619 | $311,129 | $291,612 | $286,155 |
| Earnings Per Share | $0.42 | $0.68 | -$1.58 | $0.07 | -$0.31 | -$1.56 |
| EPS Growth | n/a | 61.9% | -332.35% | 104.43% | -542.86% | -403.23% |
| Diluted Shares (k) | 141,144 | 141,340 | 146,232 | 198,070 | 215,031 | 215,632 |
| Free Cash Flow (k) | $163,222 | $334,043 | $101,694 | $255,847 | $284,870 | $229,921 |
| Capital Expenditures | $181,089 | $21,114 | $23,143 | $30,521 | $52,640 | $68,720 |
Macerich Company's financial statements include several red flags such as declining revenues and decreasing reinvestment in the business, negative net margins with a negative growth trend, and declining EPS growth. Additionally, the firm has High Levels of Debt. Macerich Company has positive cash flows.
