Corporate Governance

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Building new communities

Corporate Governance

Executive Officers

Timothy J. Naughton
Chairman and Chief Executive Officer
Mr. Naughton, 53, is the Company’s Chairman, Chief Executive Officer and President and has been a director of the Company since September 2005. He has served as Chairman of the Board since May 2013, as Chief Executive Officer since January 2012, and as President since February 2005. Previously, Mr. Naughton served as Chief Operating Officer from February 2001 until February 2005. Prior to assuming the Chief Operating Officer role, Mr. Naughton served as Senior Vice President—Chief Investment Officer, and prior to that served as the Company’s Regional Vice President— Development and Acquisitions, with responsibility primarily in the Mid-Atlantic and Midwest regions of the country. Mr. Naughton has been with the Company and its predecessors since 1989. Mr. Naughton has served as a director of Welltower Inc., a publicly traded investor in healthcare real estate, since December 2013, serves as an officer of the National Association of Real Estate Investment Trusts (“NAREIT”), is a member of The Real Estate Round Table, is a member and past chairman of the Multifamily Council of the Urban Land Institute (“ULI”), and is a member of the National Multi-Housing Council (“NMHC”), where he serves on the Executive Committee. Mr. Naughton received his Masters of Business Administration from Harvard Business School in 1987 and earned his undergraduate degree in Economics with High Distinction from the University of Virginia, where he was elected to Phi Beta Kappa. The Board has concluded that Mr. Naughton should serve as a director based on his history with and knowledge of the Company, his performance and achievements as President and Chief Executive Officer of the Company, and his strong background in the real estate business, including years of experience in both property investment and development.
Kevin O'Shea
Chief Financial Officer

Kevin O'Shea is the Chief Financial Officer of AvalonBay Communities, Inc. In this position, Mr. O’Shea is responsible for the financial, capital markets, investor relations, risk management and accounting operations of the Company. He is also a member of the Company's Management Investment Committee.

Prior to being named CFO effective June 2014, Mr. O’Shea served in several capacities within the Company’s Financial Services Department, including Executive Vice President—Capital Markets, Senior Vice President---Investment Management, and Vice President—Investment Management.

Before joining AvalonBay in 2003, Mr. O'Shea was an Executive Director at UBS Investment Bank, where his experience included REIT capital markets and M&A transactions as an investment banker. Earlier in his career, Mr. O'Shea practiced commercial real estate and banking law as an attorney.

Mr. O'Shea holds an M.B.A. from Harvard University, a J.D. from Southern Methodist University and a B.A. from Boston College.

Matthew H. Birenbaum
Chief Investment Officer
Matt is Chief Investment Officer where he leads the development of the Company’s investment strategy and oversees the Investments, Design, Sustainability and Market Research functions. Matt chairs the Company’s Management Investment Committee.

Most recently, Matt had been the founding principal of Abbey Road Property Group, a boutique development and investment firm focused on infill multifamily and mixed-use projects in the greater Washington DC area. Prior to founding Abbey Road, he was Senior Vice President at EYA from 2003-2006 (formerly Eakin/Youngentob Associates), where he directed and supervised all activities in the land acquisition and development group for this award-winning builder and developer of architecturally distinguished townhomes and condominiums. Prior to EYA, Matt spent over seven years at AvalonBay, developing a wide variety of luxury rental communities ranging from garden apartments to mid-rise with structured parking to high-rise with ground floor retail and underground parking. When he left AvalonBay, he was Regional Vice President of Development with responsibility for the Washington, DC, New Jersey and Chicago regions. Earlier experience includes work with Tishman Speyer Properties in both Houston and Northern Virginia, developing residential, office and retail uses.

Matt received his MBA from The Kellogg Graduate School of Management at Northwestern University, where he graduated with honors, and a BA from Brown University, where he graduated Phi Beta Kappa. He has served on the board of the L’Enfant Trust, a historic preservation group in Washington, DC, is an active member of ULI, and is certified LEED-AP.
Sean J. Breslin
Chief Operating Officer
Sean is Chief Operating Officer responsible for the Company's Asset Management platform, including Property Operations, Asset Management, Engineering and Redevelopment, and Brand Strategy and Marketing. In addition, he is a member of the Company's Management Investment Committee.

Prior to assuming his current role, Sean held various leadership positions at AvalonBay including responsibility for the Company's Investment and Redevelopment platforms, directing the company's portfolio management strategy, and leading the Market Research function. Prior to joining AvalonBay in 2002, he was the Chief Operating Officer of the CWS Capital Partners, where he was responsible for that company's operations and investment activity.

Sean received his MBA from the University of Texas at Austin and his BS from California State University, Long Beach. Sean is a member of the Executive Committee of the National Multi-Housing Council (NMHC), a board member of the American Red Cross National Capital Region, and is Chair of the Urban Land Institute's Multifamily Council. In addition, he is a member of the Executive Committee of the Real Estate Finance & Investment Center at the University of Texas at Austin.
Michael M. Feigin
Chief Construction Officer

As Chief Construction Officer, Mr. Feigin is responsible for all of the Company’s construction activities throughout the United States.

Prior to joining AvalonBay, Mr. Feigin was Corporate Vice President Global Procurement and Travel for AECOM, a Fortune 500 engineering and construction services company that serves clients in more than 130 countries, with approximately 45,000 employees and annual revenues of around $8.2 billion.

Prior to joining AECOM, Michael was a Managing Director for Navigant Consulting working with construction clients to manage risk in their organizations. Prior to that, Michael was the Global Construction Industry Practice Leader for Marsh, the world’s largest insurance broker and risk advisor. At Marsh, Michael led a dedicated team of industry specialists and subject matter experts to help construction industry clients identify and manage risk, and design and implement their insurance and surety programs. Prior to joining Marsh, Michael was Executive Vice President, Chief Administrative Officer of Bovis Lend Lease Holdings, Inc. (now Lend Lease Americas). In his capacity as Chief Administrative Officer, Michael was responsible for Commercial Risk Management and Deal Approval, Legal Services, Insurance and Bonding, Human Resources, Information Technology, and Corporate Affairs. Michael is the past President of Canopy, Inc., Lend Lease’s Captive insurance company, and was on the Board of the WTC Captive, the insurance company established to cover liability at Ground Zero. Mr. Feigin also held the following positions at Bovis Lend Lease: Head of Risk, General Counsel, and General Manager of the Northeast Region.

This is Mr. Feigin’s return to AvalonBay, where he was a Development Director in the nascent national high rise residential practice in 1998.

Mr. Feigin holds a BA from Yale University and a JD from Brooklyn Law School. He has held several Board seats and has worked with several charitable and scholarly institutions including the Albert Einstein College of Medicine, the ACE Mentor Program, Archive Global, the Mascaro Center for Sustainable Innovation at the University of Pittsburgh, and Junior Achievement.

Leo S. Horey III
Chief Administrative Officer
As Chief Administrative Officer, Leo S. Horey is responsible for a number of functions including Strategic Business Services, Revenue Management, Information Services, Property Taxes, Human Resources and Corporate and Administrative Services across all business functions. He is also a voting member of the Management Investment Committee.

Previously, Mr. Horey served as Executive Vice President – Operations and was responsible for the management of all apartment communities for AvalonBay Communities, Inc. since April 2004. He was Senior Vice President – Property Operations from February 2001 through December 2003. Prior to assuming that office, he was Regional Vice President responsible for all communities on the West Coast. Prior to AvalonBay, Mr. Horey served as Vice President of Operations for Avalon Properties, Inc., where he was responsible for the management of all communities in Virginia, Maryland, the District of Columbia, Indiana, Ohio, Michigan and Minnesota. Mr. Horey initially served as regional manager of Property Operations for both Avalon Properties, Inc., and Trammell Crow Residential Services. In this capacity, he directed property operations for numerous communities in the Washington, D.C. metropolitan area and coordinated the real estate tax appeal process throughout the Mid-Atlantic area. He began his career with Trammel Crow Residential in 1989 in the community development area in Princeton, New Jersey.

Mr. Horey received his Master of Business Administration from the Kenan-Flagler Business School at the University of North Carolina at Chapel Hill, where he was a Richard H. Jenrette Fellow. He holds a Bachelor of Science degree in Computer Science and Economics from Duke University. He is also a member of the Board of Visitors for the Kenan-Flagler Business School.
William M. McLaughlin
Executive Vice President - Development

Bill is Executive Vice President of Development and has been with AvalonBay or its predecessor, Avalon Properties, Inc., since 1994. He is responsible for all of AvalonBay’s development activity in the Northeast including New England, New York and New Jersey. He is also a member of the Company's Management Investment Committee.

Before joining AvalonBay, Bill was with Lincoln Property Company for seven years, where he was responsible for multifamily development and acquisitions in eastern New England. He was the 2008 Chairman of the Greater Boston Real Estate Board (GBREB), was also the Chairman of GBREB’s Political Action Committee (PAC) and is a two-time past President of its Rental Housing Association (RHA) division. Bill also serves on the Board of Directors at Caritas Communities, is on the Board of Managers of the industrial real estate holdings company JWF, LLC, the Board of Overseers at Newton Wellesley Hospital, the National Association of Home Builders’ (NAHB) Multifamily Leadership Board, and is a Director of National Association of Industrial and Office Properties (NAIOP) in Massachusetts.

Bill received his BA in Economics from Harvard College.

Edward M. Schulman
Executive Vice President - General Counsel and Secretary

Edward M. Schulman joined AvalonBay in February 1999 and has served as General Counsel since that time. Prior to joining AvalonBay, Mr. Schulman was a securities law partner in the corporate department of Goodwin, Procter & Hoar LLP, where he worked extensively with real estate investment trusts on a wide variety of matters, including capital markets transactions, business combinations, asset acquisitions and tax, regulatory and governance matters.

Mr. Schulman is a Magna Cum Laude graduate of Harvard Law School. He received his undergraduate degree in economics from Princeton University, where he was elected to Phi Beta Kappa and graduated with high honors.

Stephen W. Wilson
Executive Vice President - Development

Steve is Executive Vice President of Development responsible for all development activities for the West Coast, including Northern California, Southern California and the Pacific Northwest, as well as the Mid-Atlantic region. He joined the company in March 1998. He is also a member of the Company's Management Investment Committee.

Prior to AvalonBay, Steve was a Senior Vice President and Chief Operating Officer for SU Development, Inc. of Bellevue, Washington, where he developed multifamily and condominium developments. Prior to that, he spent nine years at Continental Pacific, Inc. in development, debt and equity financing, property management, and institutional sales.

During his career, Steve has been directly involved in the planning, development and construction of over 15,000 multifamily units, many in transit oriented locations. This includes over 1,500 units at BART (Bay Area Rapid Transit) stations in the Bay Area.

Steve received his BA in Business Administration (accounting) from Washington State University. He is a member of The American Institute of Certified Public Accountants, Chair of the Transit Oriented Development council at the Urban Land Institute, member of the Board of Directors for the Housing Industry Foundation and member of the Policy Advisory Board at the UC Berkeley Fisher Center for Real Estate & Urban Economics.

Board of Directors

Glyn F. Aeppel
CEO and President
Glencove Capital
Ms. Aeppel, 56, has been a director of the Company since May 2013, and has more than 25 years of experience in property acquisitions, development and financing. Ms. Aeppel established a hotel investment and advisory company, Glencove Capital, in June 2010 and serves as its President and Chief Executive Officer. From October 2008 to May 2010, Ms. Aeppel served as Chief Investment Officer of Andre Balazs Properties, an owner, developer and operator of luxury hotels. From April 2006 to October 2008, she served as Executive Vice President of Acquisitions and Development for Loews Hotels and as a member of its Executive Committee. From April 2004 to April 2006, she was a principal of Aeppel and Associates, a hospitality advisory development company, during which time she assisted Fairmont Hotels and Resorts in expanding in the United States and Europe. Prior to April 2004, Ms. Aeppel held executive positions with Le Meridien Hotels, Interstate Hotels & Resorts, Inc., FFC Hospitality, LLC, Holiday Inn Worldwide and Marriott Corporation. The Board has concluded that Ms. Aeppel should serve as a director based on her broad background and long experience in property acquisitions, development and financing.
Terry S. Brown
Chairman and CEO
Asana Partners
Terry S. Brown is Chairman & Chief Executive Officer of Asana Partners, a retail real estate investment and management company. He has 30 years of real estate experience in retail strategy, investments, capital markets, operations, and business and organizational development. Before co-founding Asana Partners in mid-2015, Mr. Brown was the Chairman & Chief Executive Officer of EDENS, one of the nation’s leading owners, operators, and developers of retail real estate. Before joining EDENS, Mr. Brown was Chief Executive Officer of Andersen Corporate Finance, LLC (NASD Broker-Dealer subsidiary of Arthur Andersen) where he was responsible for strategy and investment banking activities on a global basis across the real estate, manufacturing, technology, services, and energy industries. At Andersen, Mr. Brown was a recognized industry leader in the formation and recapitalization of entity-level corporate real estate transactions leading to initial public offerings and institutionally capitalized private companies. Before joining Andersen, he was a United States Army Officer. Mr. Brown is a member of the Real Estate Roundtable and the Urban Land Institute (ULI). He is a former Trustee and Executive Committee member of the International Council of Shopping Centers (ICSC). Mr. Brown also serves on the Board of Directors of Opus Holding LLC, and the University of Georgia Foundation. Mr. Brown is a summa cum laude graduate of the University of Georgia with a Bachelor of Business Administration degree.
Alan B. Buckelew
Chief Operating Officer
Carnival Corporation & plc
Mr. Buckelew, 66, has been a director of the Company since September 2011. He has been the Chief Operations Officer of Carnival Corporation, a cruise line holding company, since December 2013. Prior to that he was President of Princess Cruises, Inc. from 2004 to 2013, overseeing the brand and operations of Princess Cruises. Mr. Buckelew also served as Chief Operating Officer for Cunard Line from 2004 to 2007. Prior to these roles, Mr. Buckelew served from 2000 to 2004 as Executive Vice President of Corporate Services for Princess Cruises, with responsibility for the Company’s strategic planning, marketing and yield management functions. The Board has concluded that Mr. Buckelew should serve as a director based on his significant experience as a chief executive in an industry that, like multifamily apartment communities, is capital intensive and consumer-driven.
Ronald L. Havner
CEO and President
Public Storage
Mr. Havner, 57, has been a director of the Company since September 2014. Mr. Havner is the Chairman of the Board, Chief Executive Officer, and President of Public Storage, a real estate investment trust that primarily acquires, develops, owns and operates self-storage facilities. He was elected Vice Chairman and Chief Executive Officer of Public Storage in 2002 and was elected Chairman of the Board in August 2011. Mr. Havner has been Chairman of the Board of Public Storage’s affiliate, PS Business Parks, Inc., since March 1998. He was also the 2014 Chairman of the Board of NAREIT. The Board has concluded that Mr. Havner should serve as a director based upon his business and investment expertise acquired in successfully leading an equity REIT for over a decade.
Richard J. Lieb
Managing Director
Greenhill & Co., LLC
Mr. Lieb is a Managing Director of Greenhill & Co., LLC. Richard joined Greenhill, a publicly traded independent investment banking firm, in 2005. Currently, he heads Greenhill's Real Estate, Gaming and Lodging Group. Prior to joining Greenhill he spent more than 20 years with Goldman Sachs, where he headed its Real Estate Investment Banking Department from 2000-2005. Richard has over 30 years of experience focusing on advisory opportunities in the real estate industry. His work has covered the full range of investment banking services for nearly all property sectors including strategic advisories, IPOs and other securities offerings, asset purchases and sales, property financings, restructurings and merger and acquisition assignments. Richard has advised a wide variety of clients across the real estate sector at both Greenhill and Goldman Sachs. Selected clients have included Crescent, Reckson, Forest City, New Senior, Hancock Natural Resource, SEGRO (UK), Morgans Hotels, Boyd Gaming, Land Securities (UK), the creditors of General Growth, Security Capital Group, Vornado, Boston Properties, The Rouse Company, CBL & Associates, Alexandria and AvalonBay.

In addition to his investment banking experience, Richard has also held numerous management roles at Greenhill. Richard served as Greenhill's CFO from 2008-2012, where he had significant interaction with the firm's auditors (including signing SEC-filed financial statements), equity research analysts and institutional investors. Richard was a member of the firm's Management Committee from 2008-2015. He also served, at various times, as head of the firm's Restructuring business and as head of North American Corporate Advisory.

Richard has also headed the firm's recruiting efforts at Harvard Business School. Richard has passed and maintained current the following qualification exams administered by FINRA (Financial Industry Regulatory Authority): a) Series 7 (General Securities Representative Examination) b) Series 63 (Uniform Securities Agent State Law Examination and c) Series 24 (General Securities Principal Examination).

As of February 2016, Richard is an independent director of CBL & Associates, a publicly traded REIT focused on middle market regional malls. CBL is headquartered in Chattanooga, TN.

Richard received his MBA from Harvard Business School in 1985 and his BA from Wesleyan University in 1981, where he was elected to the Phi Beta Kappa Society. He played #1 singles on the Men's Varsity Tennis Team for four years and was selected by the NCAA to receive a Postgraduate Scholarship in recognition of his outstanding achievements as a scholar and athlete.

Outside of work, Richard has been actively involved over time with Wesleyan, where he was a member of the Career Advisory Council from 2007-2012 and with the University of Rochester, where he and his wife (class of 1982) are active members of the George Eastman Circle. Richard is also an active member of the American Jewish Committee (AJC), where his wife serves on the National Board of Governors.

Richard is 56 years old. He and his wife, Ellen, live in New York City and have three children, Adam (26), Jonathan (24) and Zachary (16). Richard grew up in northern New Jersey and graduated from The Pingry School.
Timothy J. Naughton
Chairman of the Board
CEO and President
AvalonBay Communities, Inc.
Mr. Naughton, 53, is the Company’s Chairman, Chief Executive Officer and President and has been a director of the Company since September 2005. He has served as Chairman of the Board since May 2013, as Chief Executive Officer since January 2012, and as President since February 2005. Previously, Mr. Naughton served as Chief Operating Officer from February 2001 until February 2005. Prior to assuming the Chief Operating Officer role, Mr. Naughton served as Senior Vice President—Chief Investment Officer, and prior to that served as the Company’s Regional Vice President— Development and Acquisitions, with responsibility primarily in the Mid-Atlantic and Midwest regions of the country. Mr. Naughton has been with the Company and its predecessors since 1989. Mr. Naughton has served as a director of Welltower Inc., a publicly traded investor in healthcare real estate, since December 2013, serves as an officer of the National Association of Real Estate Investment Trusts (“NAREIT”), is a member of The Real Estate Round Table, is a member and past chairman of the Multifamily Council of the Urban Land Institute (“ULI”), and is a member of the National Multi-Housing Council (“NMHC”), where he serves on the Executive Committee. Mr. Naughton received his Masters of Business Administration from Harvard Business School in 1987 and earned his undergraduate degree in Economics with High Distinction from the University of Virginia, where he was elected to Phi Beta Kappa. The Board has concluded that Mr. Naughton should serve as a director based on his history with and knowledge of the Company, his performance and achievements as President and Chief Executive Officer of the Company, and his strong background in the real estate business, including years of experience in both property investment and development.
Lance R. Primis
Lead Independent Director
Managing Partner
Lance R. Primis and Partners, LLC
Mr. Primis, 68, has been a director of the Company since June 1998, and has served as the Lead Independent Director of the Company since 2003 (see “Board of Directors and its Committees—Leadership Structure and Lead Independent Director”). Since 1997, Mr. Primis has been the managing partner of Lance R. Primis & Partners, LLC, a management consulting firm with clients in the media industry. From 1969 to 1996, Mr. Primis was employed in various positions by The New York Times Company, including the positions of President and Chief Operating Officer, which he held from 1992 to 1996. Mr. Primis was the President and General Manager of The New York Times from 1988 to 1992. The Board has concluded that Mr. Primis should serve as a director based on his experience managing a public company with significant and varied operations and his performance in the role of Lead Independent Director.
Peter S. Rummell
Private Investor
Mr. Rummell, 69, has been a director of the company since September 2007. He is currently a private investor and most recently served as the CEO of the Jack Nicklaus Companies in Palm Beach, Florida, from August 2008 through May 2009. The Jack Nicklaus Companies runs Mr. Nicklaus’s worldwide golf course design and related licensing business. Prior to that, from January 1997 until his retirement in July 2008, Mr. Rummell was Chairman and CEO of The St. Joe Company, one of Florida’s largest real estate operating companies and the state’s largest private landowner. From 1985 until 1996, Mr. Rummell served as President of Disney Development and then as Chairman of Walt Disney Imagineering, the division responsible for Disney’s worldwide creative design, real estate, research and development activities. From 1983 until 1985, he was Vice Chairman of the Rockefeller Center Management Corporation in New York City. Mr. Rummell is a past chairman of the ULI. The Board has concluded that Mr. Rummell should serve as a director based on his experience in leadership positions of companies with significant real estate holdings and operations and his broad knowledge of the real estate industry, as demonstrated by his chairmanship of ULI.
H. Jay Sarles
Private Investor
Mr. Sarles, 69, has been a director of the Company since September 2005. He retired from full time business leadership positions in 2005, having most recently served as vice chairman of Bank of America Corporation. Prior to that he served as Vice Chairman and Chief Administrative Officer of Fleet Boston Financial (“Fleet”) with responsibility for administrative functions, risk management, technology and operations, treasury services, corporate strategy and mergers and acquisitions. During his 37 years at Fleet, Mr. Sarles oversaw virtually all of Fleet’s businesses at one time or another, including the company’s wholesale banking business from 2001 to 2003. These included commercial finance, real estate finance, capital markets, global services, industry banking, middle market and large corporate lending, small business services and investment banking businesses. Mr. Sarles has served as a director of Ameriprise Financial, Inc., a publicly traded financial planning services company, since September 2005. The Board has concluded that Mr. Sarles should serve as a director based on his extensive experience as an executive officer with a variety of responsibilities at a large financial institution with varied operations. The Board expects to appoint Mr. Sarles to the role of Lead Independent Director immediately following the Annual Meeting.
Susan Swanezy
Partner
Hodes Weill & Associates
Ms. Swanezy is a Partner at Hodes Weill & Associates, a global advisory boutique focused on the real estate investment management industry. Previously, Ms. Swanezy was a Managing Director and Head of Distribution for Credit Suisse's Real Estate Investments Group. Prior to joining Credit Suisse, Ms. Swanezy was a Managing Director at Stockbridge Capital Partners focused on client relations and business development. From 2002 to 2007, Ms. Swanezy was a Partner in Deutsche Bank RREEF's Client Relations Group, where she worked with institutional investors across a variety of real estate investment strategies. Ms. Swanezy led the client relations and capital raising efforts for RREEF's global opportunistic funds business. She also spearheaded product development efforts leading to the successful launch of RREEF's global real estate securities business and real estate securities hedge fund.

Until 2001, she was an investment banker with Deutsche Bank's real estate investment banking group, the successor entity to BT Alex Brown, providing both public and private debt and equity related products to REITs, private real estate operators and real estate funds. Prior to rejoining BT Alex Brown's real estate group, Ms. Swanezy was a Principal in UBS's real estate investment banking group developing relationships with REITs and other real estate companies. Her real estate career began in Chase Manhattan Bank's real estate lending group covering clients based in the Northeast and then she moved to Bankers Trust's real estate group where she was the team leader for the Northeast team.

Ms. Swanezy has a BS degree from the School of Foreign Service, Georgetown University and currently serves on its Board of Visitors. From 2010-2012, she was President of WX, Inc., a leading non-profit organization supporting women in the commercial industry and had been named the 2014 Honoree at the WX Annual Dinner Gala.
W. Edward Walter
CEO and President
Host Hotels & Resorts, Inc.
Mr. Walter, 59, has been a director of the Company since September 2008. He has served as President and CEO of Host Hotels & Resorts, Inc. (“Host”), a publicly traded premier lodging real estate company, since October 2007. From 2003 until October 2007, he served as Executive Vice President and Chief Financial Officer of Host. From 1996 until 2003, he served in various senior management positions with Host, including Chief Operating Officer. Mr. Walter has been a member of the Board of Directors of Host since October 2007. Mr. Walter is also past Chairman of the Board of Directors of the National Kidney Foundation, a Trustee of Friendship Public Charter Schools, a Director of the Real Estate Round Table, an officer of the Federal City Council, and a past Chair of NAREIT. The Board has concluded that Mr. Walter should serve as a director based on his demonstrated business, financial and organizational experience as both the past chief financial officer and current chief executive officer of a publicly traded corporation with significant real estate investment holdings and operations.