When AvalonBay Communities and Equity Residential completes its planned merger later this year, the new combined company will be led by president and CEO Benjamin W. Schall.
Schall will step into the role after holding the top post at AvalonBay.
With plans to close the “merger of equals” in the second half of the year, the companies announced the new executive team.
"This leadership team brings unmatched expertise, complementary strengths, and a collective drive to create one of the country’s great real estate companies,” Schall said in a statement. “We are excited to take the next step as leaders in creating a new and stronger company, drawing on the foundational strengths and deep talent across both organizations.”
The new management team will have a strong AvalonBay presence. In addition to Schall, five key spots will be filled by AvalonBay executives and two by Equity Residential veterans. The following executives will report directly to Schall as of the closing:
- Michael Manelis, executive vice president and chief operating officer (COO), will direct the day-to-day operations of the combined company's portfolio. His responsibilities will span property operations, including leasing, maintenance, and engineering; technology; centralized services; and revenue management and marketing, among other operational functions. He currently serves as COO of Equity Residential;
- Kevin O'Shea, executive vice president and chief financial officer (CFO), will oversee the combined company's financial foundation, with responsibility for the balance sheet, capital markets activity, investor relations, and financial reporting and controls. O’Shea currently serves as CFO of AvalonBay;
- Matthew Birenbaum, executive vice president and chief development officer, will lead all aspects of the combined company's development activities, including oversight of the regional development and construction teams, and chair the combined company’s management investment committee. He currently serves as chief investment officer of AvalonBay;
- Sean Breslin, executive vice president and chief investment and growth officer, will lead the combined company's investments platform, including acquisitions, dispositions, capital partnerships, and new business opportunities. Data analytics and market research will also report to him. Breslin currently serves as COO of AvalonBay, with prior experience in asset management, investments, and fund management;
- Scott Fenster, executive vice president, general counsel and corporate secretary, will lead the combined company's legal function, including oversight of regulatory affairs. Fenster currently serves as executive vice president, general counsel and corporate secretary of Equity Residential;
- Pamela Thomas, executive vice president, portfolio and asset management, will lead portfolio and asset management for the combined company, identifying operational and investment opportunities across the portfolio. She will also oversee capital expenditure initiatives, sustainability, and retail and mixed-use activities, along with the management of joint venture relationships. Thomas currently holds the same title at AvalonBay; and
- Alaine Walsh, executive vice president, human capital and administration, will build the people infrastructure of the combined company, leading human resources, compensation, learning and development, and talent development across the organization. Walsh currently holds the same title at AvalonBay.
The firms also announced that Ted Schulman will serve as executive vice president of legal affairs through the integration process, before transitioning to a senior adviser role. He currently serves as executive vice president and general counsel of AvalonBay.
On May 21, Equity Residential and AvalonBay Communities announced a definitive agreement to combine in an all-stock merger of equals to create one of the country's leading real estate companies with more than 180,000 rental apartments and a pro forma enterprise value of approximately $69 billion.