Stock Track | Macerich Soars 5.9% as New CFO Hire Boosts Investor Confidence

Stock Track11-06

Shares of mall owner and operator Macerich Co. (MAC) surged 5.89% on Tuesday after the company announced a key executive transition in its finance leadership. The stock move came as Macerich reported mixed third-quarter results but appeared to get a boost from the appointment of a new chief financial officer with extensive real estate experience.

Macerich said that Daniel E. Swanstrom II will take over as CFO effective November 16, 2024, replacing the departing Scott Kingsmore. Swanstrom brings over 20 years of real estate finance experience to Macerich, having previously served as CFO at two other public real estate investment trusts (REITs).

The CFO transition comes as Macerich reported funds from operations of $86 million, or 38 cents per share, for the third quarter. While this missed analyst expectations of 40 cents per share, the company's revenue of $220.2 million for the quarter exceeded forecasts.

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