Bryce Blair
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| Bryce Blair Elected Chairman of AvalonBay Communities; Dick Michaux to Retire as Officer | |
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Bryce Blair |
| ALEXANDRIA, VA -- (November 13, 2001) -- AvalonBay
Communities (NYSE: AVB,
Research,
SEC
Filings) announced that Bryce Blair, currently the Company's
President and Chief Executive Officer and a director, will also be named
Chairman of the Board effective January 1, 2002. In this additional role,
he will provide overall leadership to the Board on behalf of shareholders
while continuing to oversee the development and execution of the Company's
strategy.
Mr. Blair will assume the title from Dick Michaux, currently Executive Chairman, who announced today his intention to retire as an officer of the Company effective December 31, 2001. He will remain on the Board of Directors with the title Chairman Emeritus. |
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Dick Michaux |
"Bryce and I have worked together for sixteen years, and he has contributed to our growth and success throughout a variety of real estate and capital market cycles," said Michaux. "I am proud that AvalonBay's depth of management experience and the Board's careful succession planning enable me to reduce my role, completing a transition that began over two years ago. I have great confidence in Bryce and the management team in place at AvalonBay. As I approach retirement, this seemed an opportune time to transition leadership of the Board."
Mr. Blair earned his undergraduate degree in Engineering from the University of New Hampshire and joined the Company after earning a Masters in Business Administration degree at Harvard Business School. Mr. Blair served as Senior Vice President - Development/Construction/Acquisitions and as Chief Operating Officer before being named President and Chief Executive Officer of AvalonBay.
"Since joining this company," said Mr. Blair, "I have had the benefit of working with Dick and seeing first hand how his vision and leadership have contributed to the culture of AvalonBay. I look forward to maintaining his commitment to our residents, our associates and our shareholders."
"As President and CEO, Bryce has contributed greatly to setting the company's strategic goals and priorities, as well as anticipating and responding to changes in the economy," said John Healy, Chairman of the Nominating Committee of the Board of Directors. "Our election of Bryce to be Chairman reflects our confidence in his ability to lead AvalonBay to continued success."
AvalonBay Communities, Inc., headquartered in Alexandria, Virginia, currently owns or holds an ownership interest in 141 apartment communities containing 41,183 apartment homes in eleven states and the District of Columbia, of which fifteen communities are under construction and three communities are under reconstruction. AvalonBay is in the business of developing, redeveloping, acquiring and managing luxury apartment communities in high barrier-to-entry markets of the United States.
