Macerich Appoints Devin Murphy to Board

By Bobby Samwell • Friday, January 24 15:28 • Permanent Link

Macerich (NYSE: MAC) has recently 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.

Devin Murphy brings nearly three decades of investment banking experience to the board. He previously served as president of Phillips Edison & Company (NASDAQ: PECO), one of the nation’s largest owners and operators of grocery-anchored neighborhood shopping centers. 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.

Macerich, one of the nation’s leading owners, operators, and developers of major retail properties in top markets, launched its detailed Path Forward Plan last May. The plan is 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.

Mr. Murphy expressed his honor at the opportunity to join the Macerich board and his excitement to bring his 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.

Macerich's portfolio is concentrated in California, the Pacific Northwest, Phoenix/Scottsdale, and the metro New York to Washington, D.C. corridor. The company currently owns 43 million square feet of real estate, consisting primarily of interests in 40 retail centers. Macerich is also committed to advancing environmental goals, social good, and sound corporate governance and has achieved a #1 Global Real Estate Sustainability Benchmark (GRESB) ranking for the North American retail sector for ten consecutive years (2015-2024).

Mr. Murphy's appointment brings a wealth of experience and strategic counsel to Macerich's board as the company continues to execute on its strategic priorities and the Path Forward Plan. As a result of these announcements, the company's shares have moved 1.9% on the market, and are now trading at a price of $20.51. Check out the company's full 8-K submission here.

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