8-KLeadership ChangesOther Events

ESSEX PROPERTY TRUST, INC. 8-K Report, Executive Changes (Feb 27, 2009)

Filed February 27, 2009For Securities:ESS

Summary

Essex Property Trust, Inc. (ESS) announced in an 8-K filing on February 27, 2009, that a director, Mr. William A. Millichap, will not stand for re-election when his term expires at the upcoming 2009 Annual Meeting of Shareholders. The company stated that Mr. Millichap's decision is due to reasons unrelated to Essex Property Trust and that he is not a member of any board committees. Further, the Board of Directors has decided to reduce the size of the board from ten to nine members, with no immediate replacement planned for Mr. Millichap's position. To maintain better balance across the three director classes, as required by the NYSE, the classification of Mr. Michael J. Schall's directorship was changed from Class II to Class III. This filing primarily addresses governance changes rather than financial performance.

Key Highlights

  • 1Director William A. Millichap will not seek re-election at the 2009 Annual Meeting.
  • 2Mr. Millichap's departure is unrelated to the Company's operations.
  • 3The Board of Directors will be reduced in size from ten to nine members.
  • 4No immediate replacement will be appointed for the departing director's position.
  • 5The classification of director Michael J. Schall's term was changed from Class II to Class III.
  • 6The board size reduction and director classification change aim to maintain balance across director classes.
  • 7The filing does not contain information on financial performance or material operational changes.

Frequently Asked Questions

According to the filing, Mr. Millichap has decided not to stand for re-election due to reasons unrelated to Essex Property Trust, Inc.

The Board of Directors has decided not to replace the position vacated by Mr. Millichap, and will therefore reduce the size of the Board of Directors to nine members.

The classification of Mr. Schall's directorship was changed from Class II to Class III to achieve a better balance between the three classes of directors, in accordance with New York Stock Exchange rules, in light of the future reduction in board size.

No, this 8-K filing primarily concerns changes in board composition and governance. It does not provide information related to the company's financial performance or operational status.