• Push-out Score determined
• After around 12 years in the position
• Accolades, praise and thanks for Schall
• Angela Kleiman taking over
• Schall kept it short and said 55 words

(exechange) — San Mateo, California, October 3, 2022 — Mike Schall, chief executive of Essex, leaves. As announced by Essex Property Trust Inc. in a news release and in a regulatory filing published on Monday, October 3, 2022, Michael J. (Mike) Schall leaves his post as chief executive officer at the real estate investment trust, after around 12 years in the role, effective March 31, 2023.

Mike Schall’s duties as CEO will be taken over by Angela L. Kleiman, currently Chief Operating Officer at Essex Property Trust Inc.

No reason given

In the announcement, Essex did not explicitly explain the reason for the move.

Precise information regarding Mike Schall’s future plans was not immediately available.

“Retirement”

Essex said: “Essex Property Trust, Inc. (NYSE:ESS) announced today the planned retirement of Michael J. Schall, the Company’s President and CEO since 2011, effective March 31, 2023. Thereafter, Mr. Schall will continue to serve on the Company’s Board of Directors and will remain on as a part-time employee.”

Share price increase since January 2011

The announcement follows an increase in Essex Property Trust Inc.’s share price of 107% since January 2011. January 2011 is the month in which Schall’s tenure as CEO began.

In the position of CEO since 2011

Mike Schall became CEO of the Company in 2011.

His bio reads as follows:

• Chief Executive Officer and President of Essex since January 1, 2011
• Senior Executive Vice President and Chief Operating Officer of Essex from 2005 to 2010
• Chief Financial Officer of Essex from 1993 to 2005
• Joined The Marcus & Millichap Company in 1986
• Served as Chief Financial Officer of Essex’s predecessor
• Director of Finance for Churchill International, a technology-oriented venture capital company, from 1982 to 1986
• Employed in the audit department of Ernst & Young (then known as Ernst & Whinney), specializing in the real estate and financial service industries, from 1979 to 1982
• Received Bachelor of Science degree from University of San Francisco

Memberships:

• Member, Executive Board of Nareit
• Certified Public Accountant (inactive)
• Member, American Institute of Certified Public Accountants
• Member, Board of Trustees of Pebblebrook Hotel Trust, Inc. (NYSE: PEB)
• Member, National Multifamily Housing Council.

Push-out Score determined

The Push-out Score™ determined by exechange gauges the pressure surrounding Mike Schall’s move on a scale of 0 to 10.

exechange reached out to Essex and offered the company the opportunity to comment on the score.

Read the full story in the exechange report 41.2022 ($).