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Macerich CEO Coppola announces his retirement

The privately held real estate company he joined in 1976 had a total market capitalization of $600 million. Today, it is a publicly traded company on the S&P 500 with a capitalization surpassing $16 billion.

Art Coppola, one of the founding partners of the Macerich Company, has announced he will retire as its chairman and CEO and will not stand for re-election to its board of directors at the company’s upcoming annual meeting.

Coppola led Macerich in its initial public offering in 1994 and directed the building of a portfolio of 48 retail properties totaling 54 million sq. ft. The company’s maintains a significant presence in the Pacific Rim, Arizona, Chicago, and the New York-to-Washington, D.C., corridor.

He expressed pride in Macerich’s being “ahead of the curve” in retail’s current evolution.

“I am especially excited to see Macerich's centers becoming America's new town squares and downtowns and Macerich emerge as a leader in developing digitally native vertically integrated brands, the fastest growing digital commerce channel that exists today,” Coppola said.

Coppola serves as board member and treasurer NAREIT, and serviced as the 2007 board chairman of the International Council of Shopping Centers.

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