EQUITY RESIDENTIAL (NYSE:EQR) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On March1, 2018, Equity Residential (the “Company”) announced that David S. Santee, 58, its Executive Vice President and Chief Operating Officer since 2013, will step down from his role as Chief Operating Officer on June30, 2018 (the “Transition Date”), and retire from the Company by year-end. The Company also announced that Mr. Santee will be succeeded as Chief Operating Officer by Michael L. Manelis, currently Executive Vice President – Property Operations, effective July1, 2018. From the Transition Date through his retirement, Mr. Santee shall serve as Executive Vice President – Property Operations, reporting directly to the Chief Executive Officer and assisting in the transition of his responsibilities to Mr. Manelis.
Mr.Manelis, 49, who has been Executive Vice President – Property Operations since 2017, joined the Company’s property management team in 1999 and over the ensuing 19 years has developed extensive experience in all aspects of multifamily real estate operations, including revenue management, expense management, marketing and branding, real estate tax, IT initiatives and facilities services.
to a Retirement Agreement entered into between Mr.Santee and the Company on February28, 2018, Mr.Santee will be eligible to receive a cash bonus and equity grant in early 2019 for his 2018 service, determined by the Company’s Board of Trustees at the same time and in the same manner as for the Company’s other executive officers. Mr.Santee will also be entitled to certain retirement benefits under the “Rule of 70” as previously disclosed in the Company’s most recent proxy statement filed with the Securities and Exchange Commission on April27, 2017. No severance will be payable to Mr.Santee in connection with his retirement.
Item 5.02 Financial Statements and Exhibits.
EQUITY RESIDENTIAL ExhibitEX-99.1 2 d539528dex991.htm EX-99.1 EX-99.1 Exhibit 99.1 NEWS RELEASE – FOR IMMEDIATE RELEASE CONTACT: Marty McKenna (312) 928-1901 MARCH 1,…To view the full exhibit click here
About EQUITY RESIDENTIAL (NYSE:EQR)
Equity Residential is a real estate investment trust. The Company is focused on the acquisition, development and management of apartment properties in various markets of the United States. The Company’s segments include Boston, New York, San Francisco, Seattle, Southern California, Washington D.C., Non-core – South Florida, Non-core – Denver, and Non-core – other. ERP Operating Limited Partnership (Operating Partnership) conducts the multifamily residential property business of the Company. The Company’s property ownership, development and related business operations are conducted through the Operating Partnership. The Company holds interests in approximately 390 properties located in over 10 states and the District of Columbia, consisting of approximately 109,650 apartment units. Its properties are of various building types, such as garden, mid/high-rise and military housing. Its core properties are located in New York, Los Angeles, Boston, Seattle and San Diego, among others.
