Blair Steps Down as Avalon Chairman

ARLINGTON, VA-Longtime AvalonBay Communities executive Bryce Blair will retire as of May 22 when he officially steps down as chairman of the multifamily REIT.

The company reports that Blair has decided not to run for re-election at the May 22nd annual stockholders meeting. His resignation signifies Blair's complete retirement from the company.

AvalonBay CEO Timothy J. Naughton was appointed to serve in the additional capacity as chairman of the board, effective upon his re-election to the board at the Annual Meeting, the company states.

Blair previously held the positions of CEO, president, COO and senior vice president of development, acquisitions and construction. Prior to the formation of Avalon Properties in 1993, Blair was a partner with Trammell Crow Residential from 1985 to 1993, overseeing multifamily investments in the New England area.

“I have been with AvalonBay for over 25 years," Blair states. "It has been tremendously rewarding for me to see the company grow during that time into a nationally recognized leader in our industry that has served all of our stakeholders well—shareholders, residents, associates and the neighborhoods in which we build and operate our communities. With the recently completed purchase of over $6 billion of assets from Archstone Communities, I look forward to watching AvalonBay as it begins a new phase in its successful history.”

Naughton adds, “During Bryce's tenure as CEO of the company, the company focused its strategy and excelled in its execution. It has been a privilege to work with Bryce and learn from him, and we will miss having him as a colleague.”