8-KLeadership ChangesRegulation FDExhibits & Filings

EQUITY RESIDENTIAL 8-K Report, Executive Changes (Sep 6, 2007)

Filed September 6, 2007For Securities:EQR

Summary

This Form 8-K filing from Equity Residential (EQR) on September 6, 2007, primarily announces a significant leadership change in its finance department. Donna Brandin, the Executive Vice President and Chief Financial Officer, is resigning effective September 14, 2007. The company has entered into a Resignation Agreement with Ms. Brandin, outlining the terms of her departure. This includes a prorated bonus, severance payment, accelerated vesting of equity awards, and continued health benefits, totaling an approximate $1 million charge to the company in the third quarter of 2007. John G. Lennox, a Senior Vice President, will assume the role of interim Chief Financial Officer.

Key Highlights

  • 1Resignation of EVP and CFO, Donna Brandin, effective September 14, 2007.
  • 2John G. Lennox appointed interim Chief Financial Officer, effective September 14, 2007.
  • 3Ms. Brandin to receive a $185,000 prorated bonus.
  • 4Ms. Brandin to receive $600,000 in cash severance.
  • 5All of Ms. Brandin's restricted shares, performance shares, and options will vest immediately.
  • 6Company to incur an approximate $1 million charge in Q3 2007 related to severance and accelerated vesting.
  • 7Ms. Brandin agreed to a one-year non-competition and employee non-solicitation period.

Frequently Asked Questions

The 8-K filing does not explicitly state the reason for Donna Brandin's resignation. It only announces her departure and the terms of her exit.

The company anticipates a charge of approximately $1 million in the third quarter of 2007. This charge includes severance payments, a prorated bonus, and the costs associated with accelerated vesting of equity awards for Ms. Brandin.

John G. Lennox, currently a Senior Vice President at Equity Residential, has been appointed as the interim Chief Financial Officer, effective September 14, 2007. He has extensive experience with the company.

Ms. Brandin is entitled to a prorated bonus of $185,000, $600,000 in cash severance, immediate vesting of all her restricted shares, performance shares, and options, and continued health benefits for up to one year.