- Push-out Score determined
- After 13 years in the position
- Accolades, praise and thanks for Neithercut
- Neithercut spoke at length and said 83 words
(exechange) — Chicago, Illinois, September 4, 2018 — This news came the day after Labor Day. David Neithercut, chief executive of Equity Residential, hands over the reins. As announced by Equity Residential in a news release and in a regulatory filing published on Tuesday, September 4, 2018, David J. Neithercut leaves his post as Chief Executive Officer at the real estate investment trust company after 13 years in the role, effective December 31, 2018.
It is the end of an era.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 9.2 years, according to data compiled by exechange. Only 36 percent of the CEOs who departed over the past 12 months left the position after more than 10 years.
Neithercut’s duties will be taken over by Mark J. Parrell, most recently Chief Financial Officer of Equity Residential.
“Succession planning program”
Neithercut’s departure from the CEO post is explained as follows. Equity Residential said: “Equity Residential … today announced key executive management changes as part of its succession planning program.”
Precise information about Neithercut’s future plans was not immediately available.
Equity Residential said: “David J. Neithercut, 62, the Company’s President and Chief Executive Officer (CEO) since 2006, will retire as CEO on December 31, 2018, at which time Mark J. Parrell will be appointed CEO and join the Company’s Board of Trustees.”
Share price rise since March 2009
The change follows a rise in the share price of Equity Residential since March 2009.
Chaired by Sam Zell
Equity Residential is chaired by Sam Zell.
Samuel Zell, the Company’s founder and the Company’s Chairman since the Company’s initial public offering in 1993, is Chairman and Chief Executive Officer of Equity Group Investments L.L.C., the private entrepreneurial investment firm he founded more than 45 years ago.
In the position of CEO since 2006
David J. Neithercut has served as Chief Executive Officer of the Company since January 2006 and President of the Company since May 2005.
He was Executive Vice President – Corporate Strategy of the Company from January 2004 to May 2005, and Executive Vice President and Chief Financial Officer of the Company from February 1995 to August 2004.
Prior to joining Equity Residential, Neithercut served as Senior Vice President of Finance for Equity Group Investments, L.L.C.
Neithercut is a former director of General Growth Properties, Inc. (NYSE: GGP).
He is a member of the Advisory Board of Governors of NAREIT of which he served as Chairman in 2015.
He also serves on the Policy Advisory Board of the Joint Center for Housing Studies at Harvard University and the MBA Real Estate Program Advisory Board at Columbia University.
Neithercut received an M.B.A. from the Columbia University Graduate School of Business.
Neithercut will remain a member of the Board following his retirement.
Push-out Score determined
Read the full story in the exechange report 37.2018 ($).