8-KLeadership ChangesExhibits & Filings

EQUITY RESIDENTIAL 8-K Report, Executive Changes (Sep 4, 2018)

Filed September 4, 2018For Securities:EQR

Summary

Equity Residential (EQR) announced significant executive leadership changes on September 4, 2018, as part of its ongoing succession planning. David J. Neithercut, who has served as President and CEO since 2006, will retire as CEO on December 31, 2018, but will remain on the Board of Trustees. Mark J. Parrell, currently Executive Vice President and CFO, has been appointed President effective immediately and will assume the CEO role upon Mr. Neithercut's retirement. Mr. Parrell has been with the company since 1999 in various finance capacities, bringing extensive internal experience to the leadership transition. Additionally, Robert A. Garechana, currently Senior Vice President and Treasurer, has been appointed Executive Vice President and CFO. These changes indicate a well-planned transition with internal candidates stepping into key roles, aiming to ensure continuity in strategic direction and operational execution. Mr. Neithercut will be eligible for his 2018 bonus and equity award, and will receive previously disclosed retirement benefits, with no additional severance. Investors can anticipate a smooth handover of leadership responsibilities.

Key Highlights

  • 1David J. Neithercut, CEO since 2006, will retire on December 31, 2018, but will remain on the Board of Trustees.
  • 2Mark J. Parrell appointed President effective September 4, 2018, and will succeed Mr. Neithercut as CEO on January 1, 2019.
  • 3Mr. Parrell has a long tenure with EQR, having served in various finance roles since 1999, including EVP and CFO since 2007.
  • 4Robert A. Garechana appointed Executive Vice President and CFO, moving up from Senior Vice President and Treasurer.
  • 5The management changes are part of a planned succession program.
  • 6Mr. Neithercut will receive his 2018 bonus and equity, along with previously disclosed retirement benefits, with no severance payment.
  • 7The company is emphasizing continuity and internal promotion for key leadership roles.

Frequently Asked Questions

David J. Neithercut is retiring as CEO on December 31, 2018, and Mark J. Parrell will become the new CEO on January 1, 2019. Mr. Parrell has also been appointed President effective September 4, 2018. Robert A. Garechana has been appointed Executive Vice President and CFO.

Yes, Mr. Neithercut will remain a member of the Company's Board of Trustees following his retirement as CEO.

Mr. Neithercut will be eligible for his 2018 bonus and equity grant, and will receive previously disclosed retirement benefits. No severance payment will be made to Mr. Neithercut in connection with his retirement.

Mark J. Parrell has been with Equity Residential since 1999 and has held various roles in the finance group, including Executive Vice President and Chief Financial Officer since 2007.