For the first time in more than a decade, Equity Residential is about to have a new leader.
The multifamily real estate giant announced this week that its CEO and president, David Neithercut, will be retiring at the end of this year.
Neithercut has served in those roles for 12 years. In his stead, Equity Residential promoted Mark Parrell to president and will name him CEO following Neithercut's departure.
“I have been honored to serve as a member of Equity Residential’s executive leadership since 1993 and am extremely grateful for the support of our investors, employees and board over the last 25 years,” Neithercut said in a statement.
“I have worked closely with Mark during much of this time and will transition leadership of the company to him with great confidence. He is a strategic thinker, proven leader and respected colleague who, together with the Company’s talented senior management team, will work diligently to deliver continued success,” he added.
Upon Neithercut’s departure, Parrell will also join Equity Residential’s Board of Trustees. Neithercut will remain a board member following his retirement.
Prior to taking on his new role, Parrell was executive vice president and chief financial officer at Equity Residential. To replace Parrell, Equity Residential promoted Bob Garechana, senior vice president and treasurer, to executive vice president and chief financial officer.
“On behalf of our board of trustees, I thank David for his many contributions to the Company and congratulate him on the great success that Equity Residential has produced over his tenure. We are pleased that after stepping down he will continue to serve the Company as a member of our Board,” Equity Residential Founder and Chairman Sam Zell said in a statement.
“Of a board’s many responsibilities, the constant identification and development of executive talent are among the most important," Zell continued. "Mark and Bob’s promotions are a direct result of the priority placed by our board on succession planning and are the most recent examples of a very successful and rigorous process that has served the company and its shareholders well. We congratulate them both and look forward to working with them as they and the rest of the team take the company forward.”