AvalonBay Executive Chairman Naughton to become non-executive Chairman effective Jan 1, 2023

AVALONBAY COMMUNITIES INC

Timothy J. Naughton transitions from Executive Chairman to non-executive Chairman, effective Jan 1, 2023.
Naughton will no longer be an employee or executive officer; Schall remains CEO reporting to Board.
As non-executive Chairman, Naughton receives $250k annual cash retainer ($62.5k/quarter) plus standard non-employee director retainers.
Outstanding equity awards continue vesting during board service; 2022 bonus and award to be settled per terms.
Board also amended Bylaws to clarify Chairman may be officer or non-officer, a procedural change.

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.95

AVALONBAY COMMUNITIES INC: Amended bylaws to clarify that the Chairman of the Board may be an officer or a non-officer of the Company (effective 2022-11-10).

Change: bylaw amendment
Effective: 2022-11-10

Exact text from the filing

On November 10, 2022, the Board voted to amend the Company’s Bylaws, as amended, to more clearly contemplate that a Chairman of the Board may be an officer or a non-officer of the Company.

View on SEC.gov

Browse all governance changes →

AVALONBAY COMMUNITIES INC filing history →

Source: SEC EDGAR

accession 0001104659-22-117110

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.