Macerich, the third-largest mall owner in the country, is getting a new CEO and president, all wrapped up in one.
The Santa Monica-based company has tapped Jackson Hsieh as its new CEO and president, effective Feb. 29, according to an SEC filing on Monday.
Hsieh was most recently the CEO of Spirit Realty Capital, until its $9.3 billion merger with Realty Income last month.
Macerich CEO Thomas O’Hern and its president and co-founder, Edward Coppola, will both retire at the end of February. Both will continue to serve on the company’s board.
O’Hern had served as the company’s CEO since 2018. Before that, he was Macerich’s chief financial officer for 25 years. Coppola, who helped found Macerich in the 1970s, assumed the role of president in 2008.
Hsieh had served as CEO of Spirit Realty since 2017 and previously worked as an investment banker at Morgan Stanley.
As Macerich’s CEO, his base salary will be $1 million a year, with the potential to earn 150 percent of his annual base salary as equity or cash bonuses. He will also receive a $5 million sign-on equity bonus, which will vest over time.
Many mall owners have struggled with maturing loans over the last few years, given rising interest rates and inflation hurting consumer pockets. A number of retailers — Bed Bath & Beyond, David’s Bridal and Tuesday Morning — have filed for bankruptcy or liquidated over the last year.
Macerich has managed to modify or extend a number of its loans, according to SEC filings, including a $300 million debt package on Santa Monica Place, a 527,000-square-foot shopping center that lost two anchor tenants during the pandemic.
The company owns 45 malls in 13 states, according to its website.