8-KLeadership ChangesOther EventsExhibits & Filings

ESSEX PROPERTY TRUST, INC. 8-K Report, Executive Changes (Oct 3, 2022)

Filed October 3, 2022For Securities:ESS

Summary

Essex Property Trust, Inc. (ESS) announced significant leadership changes via an 8-K filing on October 3, 2022. The key development is the planned retirement of Michael J. Schall, who has served as CEO and President since 2011, effective March 31, 2023. Mr. Schall will transition into a part-time advisory role for twelve months following his retirement, ensuring continuity and knowledge transfer. Taking over the leadership mantle will be Angela L. Kleiman, currently the Senior Executive Vice President and Chief Operating Officer. Ms. Kleiman is appointed as the successor CEO and President, effective April 1, 2023. In preparation for her new role, Ms. Kleiman was also elected to the Board of Directors as of October 3, 2022. This planned transition aims to provide a smooth handover and leverage existing leadership expertise within the company.

Key Highlights

  • 1Michael J. Schall, CEO and President since 2011, plans to retire effective March 31, 2023.
  • 2Mr. Schall will provide transition services on a part-time basis for 12 months post-retirement.
  • 3Angela L. Kleiman, current COO, will succeed Mr. Schall as CEO and President starting April 1, 2023.
  • 4Ms. Kleiman was appointed to the Board of Directors on October 3, 2022.
  • 5The Board size was increased to ten directors to accommodate Ms. Kleiman's election.
  • 6Ms. Kleiman will continue under existing executive compensation and benefit programs.

Frequently Asked Questions

Michael J. Schall's retirement is planned for March 31, 2023. Following his retirement, he will engage in part-time employment with the Company for a twelve-month period to facilitate a transition.

Angela L. Kleiman, currently the Senior Executive Vice President and Chief Operating Officer, will become the new Chief Executive Officer and President, effective April 1, 2023.

Yes, Angela L. Kleiman was elected as a director to the Board of Directors of Essex Property Trust, Inc. effective as of October 3, 2022.

The filing indicates that Mr. Schall will enter into a Transition Services Agreement for his part-time employment. Specific details of his compensation during this period are subject to the full text of the agreement filed as Exhibit 10.1, but the arrangement suggests continued engagement and compensation for his advisory services.