AvalonBay CEO to Step Down

ARLINGTON, VA-AvalonBay Communities chairman and CEO Bryce Blair has announced that he will be stepping down from his post at year’s end. Taking his place will be Timothy J. Naughton, the company's president, who will then assume the additional position of CEO. Blair will remain as chairman through 2012, during which he will spend half of his time focusing on AvalonBay’s development pipeline. The news follows the REIT’s announcement last week that it was increasing its outlook for earnings per share.

Blair did not provide a particular reason for his resignation in the statement announcing the succession plan. After 25 years with the REIT, ten of which spent as CEO, Blair says the timing was right to leave. “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 release announcing the move. “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.”

More hints about Blair’s future plans, or at least the direction in which Naughton may guide the REIT, could be revealed on Tuesday when the two serve on a panel at the NAREIT conference, a spokesman tells GlobeSt.com. “Bryce and Tim will be available to answer questions then,” he says.

A statement by Naughton suggests he intends to hew to the strategy the REIT has been following. “We have a talented and experienced leadership team that will provide important continuity as we execute upon our well defined strategy and strong competitive position in what we expect will be a significant growth cycle for apartments in our markets,” he said in the release. Naughton has served as president and a director since 2005. He joined AvalonBay in 1989, serving in a number of roles including COO, CIO and development and acquisitions officer.