Summary
This 8-K filing from ESSEX PROPERTY TRUST, INC. (ESS) announces a significant leadership transition and associated compensation arrangements. Keith R. Guericke, who has served as President and CEO since 1988 and with the company for over 33 years, will retire from his executive role effective January 1, 2011. This transition includes a substantial cash retirement compensation package and a revised role for Mr. Guericke, maintaining his connection with the company.
Key Highlights
- 1Keith R. Guericke, President and CEO, is retiring from his executive position after 33 years with the company.
- 2Mr. Guericke will receive a cash retirement compensation of $1.6 million, in addition to a $400,000 targeted bonus.
- 3Effective January 1, 2011, Mr. Guericke will transition to a part-time employee role and will remain on the Board of Directors.
- 4As a part-time employee, he will receive an annual salary of $200,000 and a targeted bonus of $75,000.
- 5His part-time role will include benefits consistent with a 30-hour work week, including vesting of LTIP units and stock options.
- 6Mr. Guericke will continue to receive the Company auto lease program benefits.
Frequently Asked Questions
The filing announces the retirement of Keith R. Guericke from his executive roles as President and CEO, along with details of his retirement compensation and his transition to a part-time role.
Mr. Guericke will receive a cash retirement compensation of $1.6 million, plus a targeted bonus of $400,000.
No, Mr. Guericke will remain on the Board of Directors and will be employed by the company on a part-time basis starting January 1, 2011.
He will receive an annual salary of $200,000, a targeted bonus of $75,000, benefits consistent with a 30-hour work week, vesting of his LTIP units and stock options, and continued use of the company auto lease program.