AvalonBay Communities, Inc. Appoints Benjamin Schall President and Announces CEO Succession Plan
December 10 2020 - 4:15PM
Business Wire
AVALONBAY COMMUNITIES, INC. (NYSE: AVB) announced today
that Benjamin W. Schall has been appointed President of the Company
and will join the Company’s Board of Directors, effective as of a
mutually agreeable date on or before February 1, 2021.
Additionally, the Company also announced that Timothy J. Naughton,
the Company’s Chairman, Chief Executive Officer and President,
plans to retire as Chief Executive Officer (CEO) at the end of 2021
and that at such time Mr. Schall will be appointed as CEO and Mr.
Naughton will remain on the Board in the position of Executive
Chair.
Mr. Schall is currently the Chief Executive Officer and
President and a trustee of Seritage Growth Properties, a publicly
traded real estate investment trust (REIT) principally engaged in
owning, developing and managing a diversified portfolio of retail
and mixed-use properties throughout the United States. Prior to
joining Seritage in his current roles in May 2015, Mr. Schall
served as Chief Operating Officer of Rouse Properties, Inc., and
prior to that as Senior Vice President of Vornado Realty Trust. Mr.
Schall will be leaving Seritage and its board in connection with
becoming President of AvalonBay.
Commenting on Ben’s appointment, Tim Naughton stated, “Ben is an
extraordinarily talented executive who brings a breadth of
experience that makes him an ideal choice as the next leader of
AvalonBay. As a sitting CEO and leader, he has successfully driven
growth and transformative strategies with his teams over the course
of his career. His experience in multiple sectors, including
office, retail and mixed-use across more than 40 states and 24 of
the top 25 MSAs in the U.S., gives him valuable perspective in
leading the next phase of AvalonBay’s growth. And his broad
functional experience leading development, operations, asset
management, leasing and marketing will be instrumental in steering
AvalonBay’s highly integrated platform over the next decade and
beyond.”
W. Edward Walter, AvalonBay’s Lead Independent Director, added,
“The Board’s appointment of Ben followed a thorough candidate
search process in which we benefited from the Board’s focus on
succession planning over the last several years. Ben’s willingness
to join the company as President and to work side-by-side with Tim
over the next year was critically important to the Board to ensure
a smooth transition of leadership for a company that has enjoyed
great continuity of strategy and leadership over the last 25+
years. The Board looks forward to working with Ben as he begins the
process of taking over as the next leader of AvalonBay.” The
Company conducted its search with the assistance of Ferguson
Partners LP.
“AvalonBay strives to improve people’s lives and enhance
communities across the country by creating a better way to live. I
am honored to be a part of shaping the future of AvalonBay as we
reinforce the organization’s values of integrity, spirit of caring,
and continuous improvement to positively influence the lives of our
residents, families, and surrounding neighborhoods,” said Mr.
Schall. “I am grateful to the Board for this opportunity, and I am
excited to partner with Tim, the senior team, and the
industry-leading professionals across the organization as we
continue to execute on the successful financial and business
strategies that have led to AvalonBay’s longstanding leadership
position. I look forward to listening and learning from our teams,
connecting with our residents and local communities, and engaging
with AvalonBay’s shareholders and stakeholders.”
Mr. Naughton has served as CEO since January 2012 and has been
with AvalonBay and its predecessors since 1989. “At the end of
2021, I will have served as CEO for 10 years after having served as
President or COO for 11 years prior to that. During the course of
my 30+ year career at AvalonBay, the Company has grown from a
modestly sized private developer and operator of garden apartment
communities to one of the largest public real estate companies in
the country that offers a variety of products and brands to its
customers in some of the most dynamic markets in the U.S. During
that time, AvalonBay has become a highly respected organization led
by a team of remarkably talented leaders, many of whom I have had
the opportunity to learn and grow from. I’ve decided that this is
the right time to begin the process of transitioning to new
leadership and I’m thrilled that we’ve attracted such a compelling
leader in Ben, who I’m confident will take AvalonBay to new heights
as its future CEO.”
About AvalonBay Communities, Inc.
As of September 30, 2020, the Company owned or held a direct or
indirect ownership interest in 294 apartment communities containing
86,676 apartment homes in 11 states and the District of Columbia,
of which 19 communities were under development. The Company is an
equity REIT in the business of developing, redeveloping, acquiring
and managing apartment communities in leading metropolitan areas
primarily in New England, the New York/New Jersey Metro area, the
Mid-Atlantic, the Pacific Northwest, and the Northern and Southern
California, as well as in the Company’s expansion markets
consisting of Southeast Florida and Denver, Colorado. More
information may be found on the Company’s website at
http://www.avalonbay.com.
Copyright © 2020 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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