{"id":397813,"date":"2020-12-10T16:18:24","date_gmt":"2020-12-10T21:18:24","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=397813"},"modified":"2020-12-10T16:18:24","modified_gmt":"2020-12-10T21:18:24","slug":"avalonbay-communities-inc-appoints-benjamin-schall-president-and-announces-ceo-succession-plan","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/avalonbay-communities-inc-appoints-benjamin-schall-president-and-announces-ceo-succession-plan\/","title":{"rendered":"AvalonBay Communities, Inc. Appoints Benjamin Schall President and Announces CEO Succession Plan"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>AvalonBay Communities, Inc. Appoints Benjamin Schall President and Announces CEO Succession Plan<\/b><\/p>\n<p>ARLINGTON, Va.&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<b>AVALONBAY COMMUNITIES, INC. (NYSE: AVB)<\/b> announced today that Benjamin W. Schall has been appointed President of the Company and will join the Company\u2019s 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\u2019s 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.\n<\/p>\n<p>\nMr. 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.\n<\/p>\n<p>\nCommenting on Ben\u2019s appointment, Tim Naughton stated, \u201cBen 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\u2019s growth. And his broad functional experience leading development, operations, asset management, leasing and marketing will be instrumental in steering AvalonBay\u2019s highly integrated platform over the next decade and beyond.\u201d\n<\/p>\n<p>\nW. Edward Walter, AvalonBay\u2019s Lead Independent Director, added, \u201cThe Board\u2019s appointment of Ben followed a thorough candidate search process in which we benefited from the Board\u2019s focus on succession planning over the last several years. Ben\u2019s 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.\u201d The Company conducted its search with the assistance of Ferguson Partners LP.\n<\/p>\n<p>\n\u201cAvalonBay strives to improve people\u2019s 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\u2019s values of integrity, spirit of caring, and continuous improvement to positively influence the lives of our residents, families, and surrounding neighborhoods,\u201d said Mr. Schall. \u201cI 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\u2019s longstanding leadership position. I look forward to listening and learning from our teams, connecting with our residents and local communities, and engaging with AvalonBay\u2019s shareholders and stakeholders.\u201d\n<\/p>\n<p>\nMr. Naughton has served as CEO since January 2012 and has been with AvalonBay and its predecessors since 1989. \u201cAt 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\u2019ve decided that this is the right time to begin the process of transitioning to new leadership and I\u2019m thrilled that we\u2019ve attracted such a compelling leader in Ben, who I\u2019m confident will take AvalonBay to new heights as its future CEO.\u201d\n<\/p>\n<p><b>About AvalonBay Communities, Inc.<\/b><\/p>\n<p>\nAs 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\u2019s expansion markets consisting of Southeast Florida and Denver, Colorado. More information may be found on the Company\u2019s website at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.avalonbay.com&amp;esheet=52346682&amp;newsitemid=20201210006020&amp;lan=en-US&amp;anchor=http%3A%2F%2Fwww.avalonbay.com&amp;index=1&amp;md5=3867da3c6233a41dba9292a5d5c0b9df\">http:\/\/www.avalonbay.com<\/a>.\n<\/p>\n<p class=\"bwalignc\"><b><i>Copyright \u00a9 2020 AvalonBay Communities, Inc. All Rights Reserved<\/i><\/b><\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20201210006020r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20201210006020\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20201210006020\/en\/<\/a><\/span><\/p>\n<p>\nJason Reilley<br \/>\n<br \/>Vice President<br \/>\n<br \/>Investor Relations<br \/>\n<br \/>AvalonBay Communities, Inc.<br \/>\n<br \/>703-317-4681\n<\/p>\n<p><b>KEYWORDS:<\/b> Virginia United States North America<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Residential Building &amp; Real Estate Construction &amp; Property REIT<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20201210006020\/en\/464563\/3\/AvalonBay_logo.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>AvalonBay Communities, Inc. Appoints Benjamin Schall President and Announces CEO Succession Plan ARLINGTON, Va.&#8211;(BUSINESS WIRE)&#8211;AVALONBAY COMMUNITIES, INC. (NYSE: AVB) announced today that Benjamin W. Schall has been appointed President of the Company and will join the Company\u2019s 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\u2019s 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 &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/avalonbay-communities-inc-appoints-benjamin-schall-president-and-announces-ceo-succession-plan\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;AvalonBay Communities, Inc. Appoints Benjamin Schall President and Announces CEO Succession Plan&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-397813","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>AvalonBay Communities, Inc. Appoints Benjamin Schall President and Announces CEO Succession Plan - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/avalonbay-communities-inc-appoints-benjamin-schall-president-and-announces-ceo-succession-plan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"AvalonBay Communities, Inc. Appoints Benjamin Schall President and Announces CEO Succession Plan - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"AvalonBay Communities, Inc. Appoints Benjamin Schall President and Announces CEO Succession Plan ARLINGTON, Va.&#8211;(BUSINESS WIRE)&#8211;AVALONBAY COMMUNITIES, INC. (NYSE: AVB) announced today that Benjamin W. Schall has been appointed President of the Company and will join the Company\u2019s 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\u2019s 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 &hellip; Continue reading &quot;AvalonBay Communities, Inc. 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