8-KLeadership Changes

ESSEX PROPERTY TRUST, INC. 8-K Report, Executive Changes (Dec 22, 2014)

Filed December 22, 2014For Securities:ESS

Summary

Essex Property Trust, Inc. (ESS) filed an 8-K on December 22, 2014, to report a significant executive appointment. Effective January 5, 2015, John Farias has been appointed as the new Group Vice President and Chief Accounting Officer (CAO). This role also designates Mr. Farias as the principal accounting officer for SEC reporting purposes, taking over from Michael T. Dance, the current Executive Vice President and Chief Financial Officer. Mr. Farias brings a wealth of experience in financial reporting and accounting from his previous roles at Starwood Waypoint Residential Trust and Prologis, Inc. (formerly AMB Property Corporation), including extensive experience with public and private financial reporting and fund operations. This appointment signals a transition in the company's accounting leadership and is expected to be a smooth one, with Mr. Dance continuing in his CFO role. Investors should note that Mr. Farias will be part of the standard executive compensation and benefits, and will receive a one-time equity award, aligning his interests with the company's long-term performance.

Key Highlights

  • 1Appointment of John Farias as Group Vice President, Chief Accounting Officer (CAO) effective January 5, 2015.
  • 2Mr. Farias will also serve as the principal accounting officer for the Company.
  • 3Michael T. Dance, current CFO, will transition out of the principal accounting officer role but will continue as Executive Vice President and CFO.
  • 4Mr. Farias has extensive experience in financial reporting and accounting from previous roles at Starwood Waypoint Residential Trust and Prologis, Inc.
  • 5There are no disclosed related-party transactions or special arrangements with Mr. Farias.
  • 6Mr. Farias will participate in standard executive compensation and benefits programs.
  • 7Mr. Farias will receive a one-time equity award as part of his compensation package.

Frequently Asked Questions

John Farias has been appointed as the new Group Vice President and Chief Accounting Officer (CAO), effective January 5, 2015.

The Chief Accounting Officer (CAO) is responsible for overseeing the company's accounting operations and financial reporting. In this case, Mr. Farias will also serve as the principal accounting officer, a designation required by the SEC.

Yes, Michael T. Dance will continue to serve as the Executive Vice President and Chief Financial Officer. He is transitioning the role of principal accounting officer to Mr. Farias.

Mr. Farias will participate in the company's usual compensation and benefit programs for executive officers and will receive a one-time equity award in the form of Long Term Incentive Plan Rewards.