CEO of Macerich to retire; successor named

The chief executive officer of one of the nation’s most influential operators of regional centers is stepping down. 

Thomas O’Hern is retiring after 30 years of service at The Macerich Company, whose centers include Freehold Raceway Mall in New Jersey and Scottsdale Fashion Square in Arizona. The company’s president, Edward Coppola, is also retiring. 

Filling O’Hern’s chair at Santa Monica, Calif.-based Macerich will be Jackson Hsieh, who will take the reins as CEO and president, effective March 1.  O’Hern will serve as an advisor to the company through June 30, 2024, to ensure a smooth transition. 

Most recently, Hsieh was the president and CEO of Spirit Realty Capital, where he led the successful merger of Spirit with Realty Income Corporation through an all-stock transaction valued at an enterprise value of approximately $9.3 billion.

“Jackson is a seasoned real estate executive and he is an outstanding choice to succeed Tom," said Macerich chairman of the board Steven Hash. “Prior to Spirit, Jackson spent over 25 years in global lodging and real estate investment banking, having successful careers at a number of prestigious investment banks.”

Hash also praised the accomplishments of Macerich’s departing leaders.

"On behalf of the board, I want to thank and commend Tom and Ed for their distinguished track records at the company,” he stated. “Under their leadership, Macerich has densified and diversified its world-class portfolio of town-centers for the future, positioning the company for long-term growth and success.”

O’Hern, who served as Macerich’s CFO until ascending to the top spot nearly six years ago, helped grow the company from $650 million in total market capitalization to over $10.5 billion today. 

“I am very pleased to welcome Jackson to Macerich,” said O’Hern. “His decades of real estate experience, both as a REIT CEO and in investment banking, and his proven strategic vision coupled with an ability to lead an organization in a collaborative, culture-driven manner make him the right person to lead the company going forward and create long term shareholder value.”

Macerich owns and operates more than 40 malls and regional town centers consisting of 46 million sq. ft. of gross leaseable area. The portfolio is concentrated in California, the Pacific Northwest, Phoenix/Scottsdale, and the Northeast Corridor that spans from New York to Washington, D.C.