8-KLeadership ChangesOther EventsExhibits & Filings

AVALONBAY COMMUNITIES INC 8-K Report, Executive Changes (Jan 29, 2024)

Filed January 29, 2024For Securities:AVB

Summary

AvalonBay Communities, Inc. (AVB) filed an 8-K on January 29, 2024, primarily announcing a key leadership transition within its finance department. Keri A. Shea, Senior Vice President – Finance and Treasurer, and the company's Principal Accounting Officer (PAO), has informed the company of her retirement, effective January 1, 2025. Ms. Shea has been a long-standing member of the company since 2002 and has served as the designated PAO since 2009, indicating a significant tenure and institutional knowledge. To ensure a smooth transition, Sean T. Willson, currently Senior Vice President – Corporate Controller, has been appointed as the successor PAO, effective upon Ms. Shea's retirement. Mr. Willson brings extensive experience, having been with AvalonBay since 2006 and holding various leadership roles within the finance team. His qualifications, including CPA and CFA designations, along with his prior experience at Freddie Mac and Arthur Andersen, position him to effectively take over the responsibilities. The company also indicated that additional organizational changes were announced via a press release.

Key Highlights

  • 1Keri A. Shea, Senior Vice President – Finance and Treasurer and Principal Accounting Officer (PAO), will retire effective January 1, 2025.
  • 2Sean T. Willson, current Senior Vice President – Corporate Controller, has been appointed to succeed Ms. Shea as the designated PAO.
  • 3Mr. Willson's appointment is effective upon Ms. Shea's retirement, ensuring continuity in the PAO role.
  • 4Ms. Shea has served as the designated PAO since 2009 and joined the company in 2002, highlighting a significant period of service.
  • 5Mr. Willson has been with AvalonBay since 2006 and possesses strong financial credentials, including CPA and CFA designations.
  • 6The company has a transition plan in place, approved by the Audit Committee and Board of Directors.
  • 7The filing also references other organizational changes announced in a press release.

Frequently Asked Questions

The primary purpose of this 8-K filing is to announce the upcoming retirement of Keri A. Shea, the company's Senior Vice President – Finance and Treasurer and Principal Accounting Officer (PAO), and the appointment of Sean T. Willson as her successor PAO.

Keri A. Shea is scheduled to retire effective January 1, 2025. Sean T. Willson, currently Senior Vice President – Corporate Controller, will assume the role of designated PAO upon Ms. Shea's retirement.

The company has a transition plan in place, with Mr. Willson being appointed to the PAO role upon Ms. Shea's retirement. Mr. Willson has significant experience within AvalonBay since 2006 and possesses relevant financial qualifications, suggesting a focus on ensuring continuity and a smooth transition.

Sean T. Willson has been with AvalonBay Communities since 2006, holding progressive roles including Corporate Controller. He is a Certified Public Accountant (CPA) and a CFA charter holder, with prior experience at Freddie Mac and Arthur Andersen. He also holds a B.S. in Business with a major in Accounting from Virginia Tech.