Arlington Va.–AvalonBay Communities Inc. has announced that Bryce Blair, chairman and chief executive officer, will retire from his role as CEO at the end of 2011. Timothy J. Naughton, the company’s president, will then assume the additional role and title of chief executive officer. Blair will remain as chairman of the board through 2012. During 2012, Mr. Blair will devote at least half his work time on AvalonBay matters, particularly with respect to development and construction activities.
“I have served as AvalonBay’s CEO for over 10 years and have been with the company for over 25 years,” Blair said in a statement announcing the succession plan. “During that time, and with the assistance of a great team of senior leaders and our dedicated associates, we have assembled an outstanding multifamily portfolio in the best markets in the country, established a widely admired development platform, and grown a talented organization with deep bench strength. We are well-positioned for the future, and consequently I felt that the time was right for me personally and for AvalonBay to initiate a leadership transition.
“I am confident that, with [Naughton] as CEO, AvalonBay will continue its history of creating outsized value for shareholders by being a leading developer, investor and manager of multifamily communities in the country’s best markets,” Blair added.
Naughton has served as president and a director since 2005. He joined AvalonBay in 1989 and has served in a variety of roles, including chief operating officer, chief investment officer and development and acquisitions officer. Naughton received an MBA from Harvard Business School and a BA in Economics from the University of Virginia.