Macerich Company (MAC) has released an update to notify the public and investors about its officers.
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The Macerich Company has announced the upcoming appointment of Jackson Hsieh as the new CEO and President, starting March 1, 2024, as the current CEO Thomas E. O’Hern and President Edward C. Coppola retire on February 29, 2024. Hsieh, with an extensive background in real estate investment banking, has a notable career including leadership roles at Spirit Realty Capital, Inc., Morgan Stanley, UBS, Bankers Trust Company, and Salomon Brothers, Inc. His new compensation package includes a $1 million annual salary with the possibility of a 150% bonus, and substantial long-term incentive plans such as a $5 million sign-on equity grant and annual equity grants starting at $6.5 million, which are linked to performance goals and vesting schedules. Hsieh’s agreement also outlines severance terms and he will join the Board of Directors.
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For a comprehensive understanding of the announcement, you can read the full document here.
