RTTNews | Mar 3, 2021 06:10AM EST

06:10 Wednesday, March 3, 2021 (RTTNews.com) - Mack-Cali Realty Corp. (CLI) said that it has appointed Mahbod Nia as Chief Executive Officer, effective March 8, 2021.

Nia, who has served as a director of Mack-Cali since June 2020, will succeed Interim CEO MaryAnne Gilmartin, who will serve as Special Advisor to ensure a smooth transition of responsibilities.

Gilmartin has stepped down as Board Chair, and will not run for re-election to the Board at the Company's 2021 Annual Meeting of Shareholders. She will remain a director through the Annual Meeting and return to her full-time role as CEO of MAG Partners. The Board has appointed Lead Independent Director, Tammy Jones, Board Chair, effective as of March 2, 2021.

Nia will be granted 950,000 stock options within five days after his start date that will have an exercise price equal to the closing price of the company's common stock on the date of grant. The stock options will vest in one-third increments on each of the first three anniversaries of the date of grant.

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