Summary
AvalonBay Communities Inc. (AVB) announced the upcoming retirement of Stephen W. Wilson, Executive Vice President-Development, effective around July 1, 2019. Mr. Wilson oversees significant development activities across the West Coast, Denver, and Mid-Atlantic regions and has been a long-standing member of the company for over two decades. His responsibilities will be transitioned to William M. McLaughlin, also an EVP-Development, and Matthew H. Birenbaum, the Chief Investment Officer. This transition is expected to be smooth, leveraging existing leadership. In connection with his retirement, Mr. Wilson is expected to receive benefits including the vesting of unvested equity awards and a pro rata bonus for his service in 2019, subject to the execution of a retirement agreement.
Key Highlights
- 1Executive Vice President-Development, Stephen W. Wilson, announced his intention to retire on or about July 1, 2019.
- 2Mr. Wilson has been with AvalonBay Communities for over 20 years.
- 3His leadership responsibilities for West Coast, Denver, and Mid-Atlantic development will be transitioned.
- 4Transition responsibilities will be shared between William M. McLaughlin (EVP-Development) and Matthew H. Birenbaum (Chief Investment Officer).
- 5Upon retirement agreement execution, Mr. Wilson's unvested equity awards are expected to vest.
- 6Mr. Wilson will receive a pro rata bonus for the portion of 2019 worked.
- 7This filing is an 8-K reporting a departure of a key officer due to retirement.