Management ChangeJun 8, 2026, 04:12 PM
Equity Residential & AvalonBay Announce Combined Leadership Team
AI Summary
Equity Residential and AvalonBay Communities announced the executive leadership team for their combined company, effective upon the closing of their merger of equals. Benjamin Schall will serve as President and Chief Executive Officer, with his compensation for fiscal year 2027 confirmed. The companies also announced other key executive appointments, including Michael Manelis as EVP & COO, Kevin O’Shea as EVP & CFO, and Scott Fenster as EVP, General Counsel & Corporate Secretary, along with their respective compensation packages. The merger is expected to close in the second half of 2026, creating a combined entity with a pro forma enterprise value of approximately $69 billion.
Key Highlights
- Benjamin Schall named President & CEO of combined Equity Residential and AvalonBay.
- Schall's 2027 base salary $1,000,000; target cash incentive 200% ($2,000,000); target equity incentive 285% ($2,850,000); long-term equity 665% ($6,650,000).
- Michael Manelis appointed EVP & COO with 2027 base salary of $800,000.
- Kevin O'Shea appointed EVP & CFO with 2027 base salary of $675,000.
- Scott Fenster appointed EVP, General Counsel & Corporate Secretary with 2027 base salary of $580,000.
- Other key appointments include Matthew Birenbaum (Chief Development Officer) and Sean Breslin (Chief Investment & Growth Officer).
- Pamela Thomas (Portfolio & Asset Management) and Alaine Walsh (Human Capital & Administration) also appointed.
- Executives eligible for one-time Transaction Awards, 50% service-based and 50% performance-based.
Price Impact
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