In This Article:
Murphy Previously Served as President of Phillips Edison & Company (NASDAQ: PECO), One of the Nation’s Largest Owners and Operators of Grocery-anchored Neighborhood Shopping Centers; Brings Nearly Three Decades of Investment Banking Experience to the Board
Devin Murphy Headshot
SANTA MONICA, Calif., Jan. 24, 2025 (GLOBE NEWSWIRE) -- Macerich (NYSE: MAC), one of the nation’s leading owners, operators and developers of major retail properties in top markets, today announced the appointment of Devin Murphy to its Board of Directors, effective February 1, 2025.
With the addition of Mr. Murphy, Macerich’s Board will have nine directors, eight of whom are independent.
A seasoned retail REIT executive, Mr. Murphy served for more than a decade at Phillips Edison & Company (PECO), one of the nation’s largest owners and operators of grocery-anchored neighborhood shopping centers. Mr. Murphy served as PECO’s President from 2019 until 2024. He was the company’s CFO for six years prior to becoming President in 2019. Mr. Murphy was elected to the Board of Directors of PECO, a NASDAQ-listed REIT, in July 2024.
Before joining PECO in 2013, Mr. Murphy worked for 28 years as an investment banker and held senior leadership roles at Morgan Stanley and Deutsche Bank. He was the Global Head of Real Estate Investment Banking at Deutsche Bank, where his team executed over 500 transactions, representing total transaction volume over $400 billion, and a Vice Chairman at Morgan Stanley.
“On behalf of my fellow board members, we are incredibly pleased to welcome Devin to the Macerich Board,” said Jack Hsieh, President and CEO, Macerich. “Devin is a highly respected leader within the REIT industry, and he brings a wealth of experience and strategic counsel as we execute on the Path Forward plan. I look forward to working with Devin as we continue to execute on all our strategic priorities.”
Last May, Macerich launched its detailed Path Forward plan designed to lead the company to elevated performance and forward its mission to add long-term value for shareholders, partners, and customers. Macerich’s three-part plan is focused on simplifying its business, improving operational performance and reducing leverage.
“I am honored by the opportunity to join the Macerich Board as the company further positions itself as an industry leader under Jack’s steady guidance,” said Mr. Murphy. “I look forward to bringing my expertise in both the REIT and investment space in supporting the success of Macerich’s well-crafted Path Forward strategy that concentrates the portfolio on its best properties and a substantially stronger balance sheet.”