AvalonBay Communities, Inc. Appoints Benjamin Schall as CEO and Timothy Naughton as Executive Chairman
22 Novembre 2021 - 10:15PM
Business Wire
AVALONBAY COMMUNITIES, INC. (NYSE: AVB) (the “Company”)
announced today that Benjamin W. Schall, the Company’s current
President and a director, has been appointed to the additional role
of Chief Executive Officer effective January 3, 2022, reporting
directly to the Board. Concurrently, Timothy J. Naughton, the
Company’s current Chairman of the Board and Chief Executive
Officer, will retire as the Company’s Chief Executive Officer and
assume the role of Executive Chairman of the Board. These
appointments are consistent with the expectations previously
announced by the Company in December 2020 as part of its leadership
succession plan.
“During the past year, Ben has proven to be a wonderful steward
of AvalonBay’s culture, meaningfully connecting with AvalonBay’s
associates across the organization, in our regions and at our
communities. He shares our organizational values, our vision of
success, and our commitment to creating an inclusive and diverse
workplace,” said Mr. Naughton. “Since joining AvalonBay in January
2021, Ben has become integrally involved across the organization
and, externally, has established relationships with many of our key
stakeholders and shareholders. As we continue to grow, execute and
innovate, Ben and the executive team are well positioned to lead
the Company forward.”
“I am honored to be a part of the amazing group of people at
AvalonBay as we strive to fulfill our purpose of Creating a Better
Way to Live. Our core values - a commitment to integrity, a focus
on continuous improvement and a spirit of caring - permeate across
the organization and serve as a true differentiator,” said Benjamin
Schall. “Thank you to the Board for their trust and confidence, and
to Tim for his continued guidance. As a senior team and
organization, we are energized as we shape the future course of
AvalonBay and position the company for continued growth and
success.”
“We are grateful to Tim for his over 30 years of outstanding
leadership, including the last ten years as Chief Executive
Officer. Tim's strategic leadership is deeply intertwined with
AvalonBay's history and its evolution into one of the preeminent
real estate companies in the U.S., with an exceptional track record
of value creation. In addition to positioning AvalonBay as an
industry leader, Tim has also had a major influence on the broader
multifamily industry and REIT sector during his career,” said W.
Edward Walter, Lead Independent Director. “Tim’s focus has always
been on others, the positive impact he could have on people, the
impact that AvalonBay could have in our communities, and how he
could lead by fostering and reinforcing our evergreen culture and
strong organizational values. Over the past year, Ben and Tim have
worked closely together to assure a smooth transition as AvalonBay
moves into the next phase of its history.”
Mr. Naughton’s role as Executive Chairman in 2022 will be a half
time role and will include serving as a member of the Company’s
Management Investment Committee, assisting the Company with the
identification and evaluation of strategic initiatives and
technology opportunities, and assisting with business development
opportunities, particularly in the Company’s expansion markets.
About AvalonBay Communities, Inc.
As of September 30, 2021, the Company owned or held a direct or
indirect ownership interest in 293 apartment communities containing
87,416 apartment homes in 13 states and the District of Columbia,
of which 17 communities were under development and one community
was under redevelopment. The Company is an equity REIT in the
business of developing, redeveloping, acquiring and managing
apartment communities in leading metropolitan areas in New England,
the New York/New Jersey Metro area, the Mid-Atlantic, the Pacific
Northwest, and Northern and Southern California, as well as in the
Company's expansion markets of Raleigh-Durham and Charlotte, North
Carolina, Southeast Florida, Dallas and Austin, Texas, and Denver,
Colorado. More information may be found on the Company’s website at
http://www.avalonbay.com.
Copyright © 2021 AvalonBay Communities, Inc.
All Rights Reserved
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Jason Reilley Vice President Investor Relations AvalonBay
Communities, Inc. 703-317-4681
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