Mid-America Apartment Communities (MAA) has announced that CEO H. Eric Bolton Jr. is retiring, with A. Bradley Hill, president and chief investment officer, assuming the role April 1. At that time, Bolton will become executive chairman of the firm, which is ranked No. 2 on this year’s National Multifamily Housing Council (NMHC) top owners list and No. 12 on its top managers list.
“I am pleased that Brad will succeed me as I step back from the CEO role and focus on providing strategic support and counsel to Brad and our board. Brad’s experience, capabilities, and ambition for the business ideally position him to lead MAA forward through the next era of opportunity,” said Bolton. “It has been a privilege to serve MAA as CEO, and I am profoundly grateful to the board of directors and our associates for their commitment and support over the years as we have, together, strengthened and grown our company, positioning MAA for this next chapter of success.”
According to lead independent director Alan B. Graf Jr., MAA’s board of directors has a strong succession planning process led by its Nominating and Corporate Governance Committee.
“Through that process, we considered various factors, including input from independent advisers, market and industry best practices, and potential external candidates. We also invested in and monitored development plans for potential internal candidates,” Graf said. “We have closely observed Brad’s growth, capabilities, character, and leadership style over the past several years. We are very pleased to have a successor to Eric of such caliber and are confident in Brad’s ability to lead our team in continuing to create value for our investors, residents, associates, and communities.”
He noted that Hill will build on Bolton’s leadership over the past three decades at MAA, serving as CEO for 23 years.
“MAA has experienced tremendous success thanks to Eric’s clear and unwavering vision executed by a talented and dedicated team of associates,” Graf added. “Under Eric’s leadership, MAA has delivered sector-leading growth and shareholder performance over his tenure.”
Hill, who joined MAA in 2010, has over two decades of real estate experience around transactions, development, and operations. In his current role, he has oversight of the firm’s transactions, new development, and property operations. He also is active with the Urban Land Institute and the NMHC.
“I am humbled and honored to be appointed the next CEO of this tremendous organization,” he added. “I want to thank the board of directors for placing its trust and confidence in me, and I want to thank Eric for his example of selfless leadership and his continued guidance and support. Finally, to the highly talented associates that have supported me over the years, I’m excited to continue to work alongside you to build on our legacy of strong performance and growth to deliver meaningful value to our constituents.”
