Thomas A. Rizk, former CEO of Cranford, N.J.-based Mack-Cali Realty Corp., left the company on April 19, and was replaced by former Mack-Cali president and COO Mitchell E. Hersh. Rizk also left the REIT's board of directors.
Rizk served as CEO since the August 1997 Mack-Cali merger. He was formerly president and CEO of Cali Realty Corp.
The official word from Mack-Cali: Mr. Rizk is leaving to pursue other interests, but he will be well compensated no matter what those pursuits and interests may be. With his 1997 contract, Rizk receives $14.5 million immediately and $500,000 annually for three years.