Marianne Lowenthal
About Marianne Lowenthal
Independent director of The Macerich Company since 2022 (age 64). Career real estate developer with 30+ years across mixed‑use, retail, hotel and multifamily projects; currently President and sole principal of Granadier Co. (since Apr 1, 2022). Prior roles include EVP of Development at Combined Properties (2005–Mar 2022) and EVP of Development at Bond Companies (2000–2004). Committee service at MAC: Audit; Nominating & Corporate Governance; Board-determined independent under NYSE standards. Attendance: all directors, including Ms. Lowenthal, attended ≥75% of Board and committee meetings in 2024.
Past Roles
| Organization | Role | Tenure | Scope/Impact |
|---|---|---|---|
| Granadier Co. | President and sole principal | Apr 1, 2022 – Present | Development/redevelopment of multifamily and mixed-use properties in Southern California |
| Combined Properties, Inc. | EVP, Development | Jan 2005 – Mar 2022 | Led national acquisition/development in mixed‑use, retail, residential, hotel across SoCal and DC |
| Bond Companies | EVP, Development | 2000 – 2004 | Led design and development teams for mixed‑use, residential, retail projects |
External Roles
| Organization | Role | Tenure/Notes |
|---|---|---|
| Los Angeles Tourism and Convention | Board of Directors | Ongoing (as disclosed) |
| UCLA Anderson Ziman Center for Real Estate | Sustaining Board of Directors | Ongoing (as disclosed) |
Board Governance
- Committee assignments: Audit (member); Nominating & Corporate Governance (member). Audit met 8 times; Nominating & Corporate Governance met 4 times in 2024. Chairs: Audit—Diana M. Laing; Nominating—Daniel J. Hirsch. MAC reports all committee members are independent; Audit members are financially literate (committee financial experts identified are Laing, Hash, Stephen).
- Independence and attendance: Board determined Ms. Lowenthal is independent under NYSE standards; each director attended ≥75% of aggregate Board and committee meetings in 2024 (Board met 8 times).
- ESG oversight and succession: Nominating & Corporate Governance provides strategic oversight of ESG; leads annual Board/committee self-evaluations and succession planning.
- Board leadership/engagement: Independent chairman structure; independent directors met in executive session four times in 2024.
- Related-party oversight: Audit Committee reviews and approves related‑party transactions; none identified in 2024.
Fixed Compensation (Non‑Employee Director Pay)
| Item | Amount/Terms | 2024 Actual for Lowenthal |
|---|---|---|
| Annual Board retainer (cash) | $70,000 program retainer | $85,000 fees earned/paid in cash in 2024 |
| Committee membership retainers | Audit $15,000; Nominating & Corporate Governance $12,500 (program) | Included within fees earned (see left); MAC notes no changes to the annual director program in 2024 |
| Committee chair retainers | Audit $20,000; Capital Allocation $20,000; Compensation $20,000; Nominating $12,500 (program) | N/A (not a chair) |
| Expense reimbursement | Reasonable expenses reimbursed | As applicable |
Notes: MAC permits cash deferrals into stock units via the Deferral Plan; deferrers in 2024 were Hernandez, Alford, Stephen (Lowenthal not listed as a deferrer).
Performance Compensation (Equity Awards to Directors)
| Grant/Status | Instrument | Grant Date | Units | Grant Date Fair Value | Price/Terms | Vesting |
|---|---|---|---|---|---|---|
| 2024 annual director grant | RSUs | May 30, 2024 | 9,103 | $134,997 | Closing price $14.83 | One‑year vesting under 2003 Incentive Plan |
| Unvested as of Dec 31, 2024 | RSUs (unvested balance) | — | 9,103 | — | — | Vest post‑May 28, 2025 |
- Equity design for directors: annual $135,000 in RSUs; one‑year vest; no stock options; ability to defer equity; no performance metrics apply to director grants (service‑based only).
Equity Ownership
| Measure | Detail |
|---|---|
| Beneficial ownership (Common Stock) | 25,425 shares; less than 1% of outstanding |
| Unvested RSUs (as of 12/31/24) | 9,103 RSUs scheduled to vest after May 28, 2025 |
| Pledged shares | Company reports no pledging by any current directors/executive officers |
| Ownership guidelines | Non‑employee directors must own stock equal to 5x the annual cash retainer; must retain 50% of net‑after‑tax shares until compliant; all current directors are in compliance |
Insider Trades (recent)
| Date (Filing) | Transaction | Shares | Price | Notes/Source |
|---|---|---|---|---|
| Sep 24, 2025 (filed Sep 25, 2025) | Sale | 6,000 | $17.13 | SEC Form 4 for Marianne Lowenthal (MAC) |
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Current public company boards | None (as disclosed in MAC director nominee table) |
| Committee roles at other public companies | N/A |
| Potential interlocks/conflicts | None disclosed; no related‑party transactions in 2024 |
Expertise & Qualifications
- Real estate development/redevelopment across mixed‑use, retail, hotel, multifamily; project management in design, entitlements, construction, leasing.
- Skills matrix indicates competencies in Retail/Commercial Real Estate, Financial Literacy, Finance/Capital Markets/Investment, Business Operations, Risk Oversight, Transactional Experience, ESG Oversight.
Say‑on‑Pay & Shareholder Feedback (context)
- MAC’s 2024 say‑on‑pay received approximately 91% approval; Board continues annual advisory votes and shareholder engagement.
Compensation Committee & Governance Controls (context)
- Compensation Committee uses independent consultant FW Cook; no conflicts of interest; no interlocks/insider participation disclosed.
- Anti‑hedging and anti‑pledging policies apply to directors; currently no pledging by any directors; clawback policy for executives in place.
Governance Assessment
- Board effectiveness: Lowenthal brings deep development and redevelopment expertise aligned with MAC’s leasing/redevelopment strategy; active on Audit and Nominating & Governance—key for financial oversight, ESG and succession. Independence and attendance metrics are solid (≥75% in 2024), supporting investor confidence.
- Alignment: Director pay mix balanced between cash and one‑year RSUs; meaningful stock ownership policy (5x retainer) with holding requirements; she holds common shares and unvested RSUs; no pledging.
- Conflicts/related‑party: None identified in 2024; Audit Committee oversight process in place.
- Signals/red flags: Insider sale (6,000 shares at $17.13 on 9/24/2025) is a neutral diversification data point absent pattern/size concerns; no evidence of hedging/pledging, options repricing, or related‑party exposure.