EQR’s Neithercut to Retire at Year’s End
Mark J. Parrell has been appointed president effective immediately and will take over as CEO upon Neithercut’s retirement.
CHICAGO—Equity Residential president and CEO David J. Neithercut will retire from both positions on December 31. EQR reports that Mark J. Parrell has been appointed president effective immediately and will take over as CEO of the firm upon Neithercut’s retirement.
The 62-year-old Neithercut, who has served as president and CEO since 2006, will remain a member of the board following his retirement. Parrell, 52, has served as the company’s EVP and COO since 2007. From 2005 to 2007, he served as the company’s SVP and treasurer and has held various roles in the company’s finance group since 1999. Parrell will also join the company’s board of trustees in 2019.
“I have been honored to serve as a member of Equity Residential’s executive leadership since 1993 and am extremely grateful for the support of our investors, employees and board over the last 25 years,” says Neithercut. “I have worked closely with Mark during much of this time and will transition leadership of the company to him with great confidence. He is a strategic thinker, proven leader and respected colleague who, together with the company’s talented senior management team, will work diligently to deliver continued success.”
Other executive suite changes at EQR include Robert A. Garechana, 39, who has been appointed EVP and CFO. He currently serves as SVP and treasurer and has served as treasurer of the firm since 2008. He has also held various other finance roles since joining the company in 2004.
“On behalf of our board of trustees, I thank David for his many contributions to the company and congratulate him on the great success that Equity Residential has produced over his tenure,” says Sam Zell, Equity Residential’s founder and chairman. “We are pleased that after stepping down he will continue to serve the company as a member of our board.”
Zell adds the promotions of Parrell and Garechana were a direct result of the priority placed by the EQR board on succession planning. “We congratulate them both and look forward to working with them as they and the rest of the team take the company forward,” he says.