Macerich Co. Chairman and CEO Arthur Coppola will retire at the end of the year, the company announced, ending 25 years at the helm of the Santa Monica-based shopping mall owner.

Macerich’s board of directors has begun the search for the company’s next chief executive officer. Steven Hash, a Macerich board member, will succeed Coppola as chairman.

Coppola has worked with the company since its predecessor’s founding as Macerich Group in 1976. Macerich Co. was formed in 1993 and went public the following year.

Macerich shares have declined roughly 36 percent since July 2016. In 2015, the company rejected a $16.8 billion takeover bid from rival company Simon Property Group Inc.

The company’s local properties include the Santa Monica Place, Lakewood Center and Los Cerritos Center shopping malls. It also owns the Stonewood Center in Downey.

Real estate reporter Ciaran McEvoy can be reached at [email protected] or 323-556-8337.