Mack-Cali CEO Mitchell Hersh to step down next year; no replacement announced

Mack-Cali Realty Corp. said Tuesday that CEO and President Mitchell Hersh will step down from the company in May.

The real estate invest trust did not announce a replacement, but said it is searching for a new CEO.

Hersh, 63, has been CEO of the Edison, New Jersey-based company since 1999.

"After 17 years at Mack-Cali and 24 years at a predecessor company, I agree that it is the right time to transition leadership responsibilities," Hersh said in a statement.

Mack-Cali owns or has a stake in 262 office properties and 16 residential rental properties in the Northeast.

Shares of Mack-Cali rose $1.20, or 6.5 percent, to $19.79 in afternoon trading.