AvalonBay Communities and Equity Residential Announce Leadership Team for Combined Company

About this update from Equity Residential

Appointments to take effect upon completion of previously announced merger of equals CHICAGO & ARLINGTON, Va., June 08, 2026--(BUSINESS WIRE)--Equity Residential (NYSE: EQR) and AvalonBay Communities, Inc. (NYSE: AVB) today announced the executive leadership team that will lead the combined company following the closing of the previously announced merger of equals, expected in the second half of 2026. "This leadership team brings unmatched expertise, complementary strengths, and a collective drive to create one of the country’s great real estate companies. 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. I am honored to lead this group into this next chapter," said Benjamin W. Schall, President and Chief Executive Officer of AvalonBay Communities, who will serve as President and Chief Executive Officer of the combined company. "I am incredibly proud of the leadership team we have assembled for this new organization. With this combination of exceptional leaders from both organizations, we are creating a powerhouse of talent that is uniquely positioned to drive innovation, operational excellence, and long-term value for our shareholders, customers, and employees in the dynamic markets we serve," said Steve Sterrett, Board Chair of the combined company. The following executives will report directly to Mr. Schall as of the closing: Michael Manelis — Executive Vice President and Chief Operating Officer Mr. Manelis 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. Michael currently serves as Chief Operating Officer of Equity Residential. Kevin O'Shea — Executive Vice President and Chief Financial Officer Mr. O'Shea will oversee the combined company's financial foundation, with responsibility for the balance sheet, capital markets activity, investor relations, and financial reporting and controls. Kevin currently serves as Chief Financial Officer of AvalonBay. Matthew Birenbaum — Executive Vice President and Chief Development Officer Mr. Birenbaum will lead all aspects of the ...

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