8-KLeadership ChangesExhibits & Filings

EQUITY RESIDENTIAL 8-K Report, Executive Changes (Mar 1, 2018)

Filed March 1, 2018For Securities:EQR

Summary

Equity Residential (EQR) filed an 8-K on March 1, 2018, to announce a significant leadership transition within its executive team. David S. Santee, Executive Vice President and Chief Operating Officer since 2013, will step down from his COO role on June 30, 2018, and retire from the company by year-end. This marks the end of a notable tenure for Mr. Santee, who will transition to an advisory role until his retirement. The company has appointed Michael L. Manelis, currently Executive Vice President – Property Operations, as the successor to Mr. Santee, effective July 1, 2018. Mr. Manelis brings extensive experience, having been with EQR since 1999 and holding his current EVP role since 2017. This internal promotion suggests a focus on continuity and leveraging existing institutional knowledge within the property operations segment.

Key Highlights

  • 1David S. Santee, EVP and COO, to retire by year-end 2018, stepping down from COO on June 30, 2018.
  • 2Michael L. Manelis, EVP – Property Operations, appointed as the new Chief Operating Officer, effective July 1, 2018.
  • 3Mr. Santee will transition to an Executive Vice President – Property Operations role from July 1, 2018, to year-end to assist with the COO transition.
  • 4Mr. Manelis has a long tenure with EQR, joining in 1999 and holding various property operations leadership roles.
  • 5Mr. Santee's retirement agreement includes potential cash bonus and equity grants for 2018 service, determined by the Board, and standard retirement benefits under the 'Rule of 70'.
  • 6No severance will be paid to Mr. Santee in connection with his retirement.

Frequently Asked Questions

This 8-K filing announces a planned leadership transition. David S. Santee, the current Chief Operating Officer, is retiring, and Michael L. Manelis has been appointed as his successor.

Mr. Santee will step down from his role as Chief Operating Officer on June 30, 2018. He will continue with the company in an advisory capacity until his full retirement by the end of 2018.

Michael L. Manelis has been with Equity Residential since 1999 and has extensive experience in multifamily real estate operations. He has served as Executive Vice President – Property Operations since 2017 and will now take on the role of Chief Operating Officer.

No, the filing explicitly states that no severance will be payable to Mr. Santee in connection with his retirement. He will be eligible for a bonus and equity grant for his 2018 service and will receive retirement benefits as previously disclosed.