8-KLeadership ChangesOther EventsExhibits & Filings

ESSEX PROPERTY TRUST, INC. 8-K Report, Executive Changes (Dec 19, 2018)

Filed December 19, 2018For Securities:ESS

Summary

Essex Property Trust, Inc. (ESS) announced a significant leadership transition within its investment team. Executive Vice President and Co-Chief Investment Officer, John D. Eudy, is planning to retire around April 2019, with his employment transitioning to part-time until December 31, 2020, under a Transition Services Agreement. This ensures a smooth handover of responsibilities and leverages Mr. Eudy's expertise during the transition period. Concurrently, Adam W. Berry, currently Senior Vice President of Investments, has been appointed to succeed Mr. Eudy as Co-Chief Investment Officer, effective on the transition date. Mr. Berry's extensive experience within the company since 2003, including his work in acquisitions, redevelopment, and property dispositions, positions him well for this role. His appointment signifies internal talent development and continuity in the company's investment strategy.

Key Highlights

  • 1John D. Eudy, Executive Vice President and Co-Chief Investment Officer, to retire around April 2019.
  • 2Mr. Eudy will transition to part-time employment until December 31, 2020, under a Transition Services Agreement for knowledge transfer.
  • 3Adam W. Berry appointed as the new Co-Chief Investment Officer, effective at Mr. Eudy's transition date.
  • 4Mr. Berry has been with Essex Property Trust since 2003, with experience in acquisitions and dispositions.
  • 5Mr. Berry's prior experience includes leading redevelopment and property dispositions programs.
  • 6Mr. Berry will participate in the standard compensation and benefit programs for executive officers.
  • 7The company issued a press release on December 19, 2018, detailing these leadership changes.

Frequently Asked Questions

The immediate impact is a planned transition of leadership in the Co-Chief Investment Officer role. Mr. Eudy will move to a part-time role until his full retirement, ensuring a smooth handover of responsibilities to his successor, Adam W. Berry.

Adam W. Berry, currently the Senior Vice President of Investments, has been appointed to succeed Mr. Eudy as Co-Chief Investment Officer. This appointment is effective on the date Mr. Eudy transitions to part-time employment.

The Transition Services Agreement allows Mr. Eudy to transition from full-time to part-time employment until his retirement date. This agreement is designed to facilitate knowledge transfer, mentorship, and continued involvement in certain company matters, ensuring continuity and leveraging his experience during the leadership change.

Yes, Adam W. Berry has extensive experience within Essex Property Trust, having joined in 2003. He has held various investment-related roles, including leading the company's redevelopment and property dispositions programs, and has worked closely with Mr. Eudy. His background in acquisitions and legal expertise also adds to his qualifications.