8-KLeadership ChangesOther EventsExhibits & Filings

ESSEX PROPERTY TRUST, INC. 8-K Report, Executive Changes (Sep 6, 2019)

Filed September 6, 2019For Securities:ESS

Summary

Essex Property Trust, Inc. (ESS) announced significant executive leadership changes through an 8-K filing on September 6, 2019. The key development is the planned retirement of Craig K. Zimmerman, Executive Vice President and Co-Chief Investment Officer, effective December 31, 2019. Mr. Zimmerman will transition to a part-time role until his final retirement on December 31, 2020, under a Transition Services Agreement. To ensure a smooth succession, Adam W. Berry, currently Co-Chief Investment Officer, will be promoted to Chief Investment Officer. John F. Burkart, who has held senior operational roles since 2015, has been appointed Chief Operating Officer. These changes reflect a strategic internal restructuring to maintain operational continuity and leadership depth within the company.

Key Highlights

  • 1Craig K. Zimmerman, Executive Vice President and Co-Chief Investment Officer, plans to retire on December 31, 2019, with a transition to part-time employment until December 31, 2020.
  • 2Adam W. Berry has been appointed as the new Chief Investment Officer, succeeding Mr. Zimmerman.
  • 3John F. Burkart has been named Chief Operating Officer, stepping up from his previous Senior Executive Vice President role.
  • 4The company has entered into a Transition Services Agreement with Mr. Zimmerman to facilitate a phased handover of responsibilities.
  • 5Mr. Berry has been with Essex Property Trust since 2003, holding various roles in acquisitions and development.
  • 6Mr. Burkart has a long tenure with the company, having held executive positions in operations and asset management since 1996.
  • 7Messrs. Berry and Burkart will continue to participate in the company's standard executive compensation and benefit programs.

Frequently Asked Questions

The main changes include the planned retirement of Craig K. Zimmerman, Executive Vice President and Co-Chief Investment Officer, effective December 31, 2019. Adam W. Berry will succeed him as Chief Investment Officer, and John F. Burkart has been appointed Chief Operating Officer.

No, Mr. Zimmerman will transition to a part-time role from December 31, 2019, until his final retirement on December 31, 2020, under a Transition Services Agreement to ensure a smooth handover of his duties.

Adam W. Berry joined Essex Property Trust in 2003 and has held various positions, including leading redevelopment and dispositions programs, and has worked closely with Mr. Zimmerman. He has a legal background and significant experience within the company.

John F. Burkart has been with the company since 1996 and has held several executive roles, most recently as Senior Executive Vice President overseeing operations, asset management, and IT since May 2015. He has extensive experience in the company's operational divisions.