Macerich Welcomes Diana M. Laing Back to Board

By Tamara Parker • Monday, July 22 15:23 • Permanent Link

Macerich (NYSE: MAC), a leading real estate investment trust (REIT) specializing in retail properties, has announced the return of Diana M. Laing to its board of directors. Laing, a seasoned corporate finance executive with over 35 years of experience in real estate investment and operating companies, previously served on Macerich's board from 2003 through 2022. With her reappointment, Macerich's board will consist of eight directors, seven of whom are independent.

The company's President and CEO, Jackson Hsieh, expressed his enthusiasm for Laing's return, citing her valuable experience as a member of the board of directors of Spirit Realty Capital during his successful tenure at that company. Hsieh emphasized the immense value Laing brings to her board position and the benefits her deep knowledge of Macerich will deliver to the company.

In May, Macerich launched a detailed strategic plan aimed at enhancing the company's performance and adding long-term value for shareholders, partners, and customers. The plan focuses on simplifying the business, improving operational performance, and reducing leverage.

Laing expressed her honor at rejoining the Macerich board at a pivotal juncture for the company, noting the outstanding new leadership in Hsieh. She emphasized her support for Macerich's path forward strategy, which aims to concentrate the portfolio on its best-performing properties and strengthen the company's balance sheet.

Macerich's portfolio comprises approximately 45 million square feet of real estate, primarily consisting of interests in 42 retail centers located in densely populated and attractive U.S. markets, including California, the Pacific Northwest, Phoenix/Scottsdale, and the metro New York to Washington, D.C. corridor.

Notably, Macerich has achieved a #1 global real estate sustainability benchmark (GRESB) ranking for the North American retail sector for nine consecutive years, demonstrating its commitment to sustainability and sound corporate governance.

With Laing's extensive experience and Macerich's strategic initiatives, the company appears poised for continued success in the retail real estate sector. The market has reacted to these announcements by moving the company's shares 2.5% to a price of $16.5. For the full picture, make sure to review Macerich's 8-K report.

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