8-KLeadership Changes

ESSEX PROPERTY TRUST, INC. 8-K Report, Executive Changes (Sep 20, 2018)

Filed September 20, 2018For Securities:ESS

Summary

Essex Property Trust, Inc. (ESS) announced a key addition to its Board of Directors through an 8-K filing on September 20, 2018. The company increased its Board size to nine members and elected Mary Kasaris as a new director. This appointment is part of the company's ongoing board refreshment strategy, aiming to enhance oversight and governance by incorporating diverse skills and perspectives. Ms. Kasaris brings a wealth of experience in real estate and finance, notably her long-standing role as Regional Managing Director at First Republic Bank, where she significantly contributed to the bank's growth. Her expertise is expected to strengthen the Board's capabilities in strategic, operational, and compliance risk management. Additionally, Ms. Kasaris has been appointed to the Audit Committee, further underscoring her financial acumen and commitment to corporate governance.

Key Highlights

  • 1Essex Property Trust, Inc. (ESS) expanded its Board of Directors to nine members.
  • 2Mary Kasaris has been elected as a new independent director to the Board.
  • 3Ms. Kasaris's appointment is part of the company's strategic board refreshment initiative.
  • 4She brings extensive experience in real estate and finance, including 22 years at First Republic Bank.
  • 5Ms. Kasaris has been appointed to the Audit Committee of the Board.
  • 6The Board now comprises seven independent directors, reinforcing strong corporate governance.
  • 7There are no disclosed related-person transactions or specific arrangements for Ms. Kasaris's selection.

Frequently Asked Questions

Mary Kasaris is a seasoned executive with significant experience in real estate and finance. She has served as Regional Managing Director at First Republic Bank for the San Francisco Bay Area’s Peninsula/Silicon Valley Region since 1996, playing a key role in the bank's substantial growth. Prior to that, she held various positions at Bank of America. She holds a Bachelor of Science degree from UC Berkeley and an MBA from Golden Gate University.

The company expanded its Board to nine directors and appointed Mary Kasaris as part of its 'Board refreshment plan.' This initiative aims to ensure the Board possesses a diverse range of skills, experience, and perspectives to effectively oversee the company's strategic, operational, and compliance risks, while maintaining a high standard of corporate governance.

Ms. Kasaris brings substantial experience in real estate and finance, particularly in managing and growing banking operations in the Silicon Valley region. Her background also includes service on the Executive Loan Committee at First Republic Bank. The Board believes her expertise will be invaluable in providing comprehensive oversight and strategic guidance.

Ms. Kasaris will be compensated according to the company’s standard director compensation program. She will also enter into the company's standard indemnification agreement for directors. Her appointment was made upon the recommendation of the Nominating and Corporate Governance Committee, and there are no disclosed related-person transactions or specific selection arrangements.