Macerich Announces Appointment of Devin Murphy to Board of Directors

Core Points - Macerich has appointed Devin Murphy to its Board of Directors, effective February 1, 2025, bringing nearly three decades of investment banking experience [1][3] - With Murphy's addition, Macerich's Board will consist of nine directors, eight of whom are independent [2] - Murphy previously served as President of Phillips Edison & Company and has extensive experience in the retail REIT sector [3] - He held senior leadership roles at Morgan Stanley and Deutsche Bank, where he was the Global Head of Real Estate Investment Banking, executing over 500 transactions totaling over $400 billion [4] - Macerich's Path Forward plan aims to enhance performance and add long-term value for stakeholders, focusing on simplifying business operations, improving performance, and reducing leverage [5] - Murphy expressed his commitment to supporting Macerich's strategy, which emphasizes a stronger balance sheet and concentration on prime properties [6] - Macerich is a leading self-managed REIT with a portfolio of 43 million square feet, primarily in high-demand U.S. markets [8]