8-KLeadership ChangesOther EventsExhibits & Filings

ESSEX PROPERTY TRUST, INC. 8-K Report, Executive Changes (Dec 29, 2020)

Filed December 29, 2020For Securities:ESS

Summary

Essex Property Trust, Inc. (ESS) announced significant executive leadership changes effective January 1, 2021. John F. Burkart, Senior Executive Vice President and Chief Operating Officer, is retiring from his operational role but will serve as a Strategic Advisor for a year under a Transition Services Agreement. This transition ensures continuity and leverages Mr. Burkart's experience in a new capacity. In parallel, the company has promoted from within to fill the key operational and financial roles. Angela L. Kleiman, formerly Executive Vice President and Chief Financial Officer, will assume the role of Senior Executive Vice President and Chief Operating Officer. Barb Pak, previously Senior Vice President of Finance, will be promoted to Executive Vice President and Chief Financial Officer. These appointments reflect internal talent development and demonstrate a clear succession plan for critical executive positions.

Key Highlights

  • 1John F. Burkart is retiring as COO but will transition to a Strategic Advisor role for 12 months.
  • 2Angela L. Kleiman, former CFO, is appointed as the new Senior Executive Vice President and Chief Operating Officer.
  • 3Barb Pak, formerly Senior Vice President of Finance, is appointed as the new Executive Vice President and Chief Financial Officer.
  • 4These executive changes are effective January 1, 2021.
  • 5The company has a clear internal succession plan for key leadership roles.
  • 6Ms. Kleiman and Ms. Pak will continue under existing compensation and benefit programs.

Frequently Asked Questions

John F. Burkart is retiring from his operational role as Senior Executive Vice President and Chief Operating Officer. However, he will remain with the company as a Strategic Advisor for a period of twelve months, starting January 1, 2021, to ensure a smooth transition and leverage his extensive experience.

Angela L. Kleiman, previously the Chief Financial Officer, has been promoted to Senior Executive Vice President and Chief Operating Officer. Barb Pak, formerly the Senior Vice President of Finance, will succeed Ms. Kleiman as the Executive Vice President and Chief Financial Officer.

The filing states that both Angela L. Kleiman and Barb Pak will continue to participate in the usual compensation and benefit programs available to the company's executive officers, suggesting no immediate major changes to their compensation structures.

All of these executive changes, including Mr. Burkart's transition to Strategic Advisor and the appointments of Ms. Kleiman and Ms. Pak to their new roles, are effective as of January 1, 2021.