Summary
AvalonBay Communities, Inc. (AVB) announced a change to its Board of Directors via an 8-K filing on July 25, 2017. The company appointed Stephen P. Hills to its Board, effective September 12, 2017, increasing the Board's size from ten to eleven directors. Mr. Hills brings significant executive experience, having served as President and General Manager of The Washington Post for 13 years, and currently holds a leadership position at Georgetown University Law Center. The Board has determined Mr. Hills will be considered an independent director. His appointment and compensation structure, including restricted stock and cash payments, align with those of other non-employee directors, reflecting a standard practice for onboarding new board members.
Key Highlights
- 1Appointment of Stephen P. Hills to the Board of Directors, effective September 12, 2017.
- 2Mr. Hills has a strong background, including 28 years at The Washington Post, where he served as President and General Manager.
- 3Mr. Hills currently holds a position at Georgetown University Law Center.
- 4The Board has classified Mr. Hills as an independent director.
- 5The size of the Board of Directors has been increased from ten to eleven members.
- 6Mr. Hills will receive a pro rata portion of the annual retainer in restricted stock/units valued at $91,726 and a cash payment of $17,582, with future compensation aligned with other non-employee directors.
- 7The company will likely enter into a standard Indemnification Agreement with Mr. Hills.