Summary
AvalonBay Communities, Inc. (AVB) announced a change in its Board of Directors through an 8-K filing on July 13, 2011. The most significant development is the appointment of Alan B. Buckelew as a new independent director, effective September 13, 2011. Mr. Buckelew brings executive experience from the travel industry, serving as CEO and President of Princess Cruises, Inc. This appointment will increase the size of the Board from eight to nine directors. Mr. Buckelew's compensation will be in line with other non-employee directors, including a stock award with a staggered vesting schedule and standard cash compensation. An indemnification agreement will also be executed, which is standard practice for directors.
Key Highlights
- 1Appointment of Alan B. Buckelew as a new independent director to the Board, effective September 13, 2011.
- 2Mr. Buckelew's extensive executive experience includes his current role as CEO and President of Princess Cruises, Inc.
- 3The Board size will increase from eight to nine directors.
- 4Mr. Buckelew will receive a stock award of 651 shares of Common Stock with a vesting schedule.
- 5He will also receive standard cash compensation for non-employee directors.
- 6An Indemnification Agreement will be entered into with Mr. Buckelew, consistent with the company's standard practice.
Frequently Asked Questions
Alan B. Buckelew is the Chief Executive Officer and President of Princess Cruises, Inc. He has held these positions since 2007 and 2004, respectively, and previously served as Chief Operating Officer for Cunard Line from 2004 to 2007. His experience is in the cruise and travel industry.
Mr. Buckelew will receive compensation consistent with other non-employee directors. This includes a stock award of 651 shares of Common Stock, with 20% vesting immediately and the remaining 80% vesting over four years. He will also receive standard cash compensation for directors.
The appointment of Mr. Buckelew will increase the size of the Board of Directors from eight to nine members. He will serve as an independent director.
At the time of this filing, Mr. Buckelew had not yet been appointed to any Board committees.