John Burkart will retire as the Company’s Senior Executive
Vice President and COO effective December 31, 2020 and remain thereafter for
one year as a Strategic Advisor to the Company to facilitate an orderly
transition. Pursuant to the Company’s succession plan, the Board of Directors
has promoted Angela Kleiman, 50, to succeed John Burkart as Senior Executive
Vice President and COO. Ms. Kleiman served as the Company’s Executive Vice
President and CFO since 2015 and has held various senior roles in the Company
since 2009.
Mr. Burkart was originally retained by the Company in 1993
in preparation for its initial public offering in 1994. He progressed in
various corporate finance positions and ultimately had a leading role in the
strategic advancement of the Company, including with respect to its
co-investment platform, merger integration of BRE Properties and, as COO, the
use of cutting-edge technology in creation of a world class operating platform.
“John has been an impactful leader over the last 25 years,
and an instrumental driver of the Company’s growth and success. We thank him
for all his contributions and years of service and his unrelenting pursuit of
continuous improvement,” said Michael Schall, President and Chief Executive
Officer. He continued, “We are fortunate to have other exceptional leaders that
are ready for advancement, including Angela, whose skill and influence extends
well beyond the traditional CFO role. Angela is a key decision-maker as it
relates to all major company decisions and is well prepared to lead our
operations team while actively guiding the strategic direction of the Company.”
The Board of Directors has also appointed Barb Pak, 43, the
Company’s Senior Vice President of Finance, to succeed Ms. Kleiman as Executive
Vice President and CFO. Ms. Pak joined the Company in 2012 to lead its Investor
Relations platform. Over her eight-year tenure with the Company she has
expanded her responsibilities to include leading the Company’s co-investment
platform, capital markets, and financial planning and analysis departments.
Prior to joining Essex, Ms. Pak had 13 years of experience in the real estate
industry as a Portfolio Manager for Oak Hill REIT Management. Ms. Pak began her
career with Green Street Advisors. She holds a bachelor’s degree in finance
from the University of South Dakota and is a Chartered Financial Analyst (CFA).
“Barb has proven her strong leadership skills, exceptional
dedication, and extraordinary financial acumen throughout her career. She has
worked closely with Angela and me over the past several years in preparation
for her expanded role,” commented Michael Schall. “I am confident that Barb
will continue Essex’s commitment to maintain its exceptionally strong financial
condition while thoughtfully creating long term value for our shareholders.”
Essex Property Trust, Inc., an S&P 500 company, is a
fully integrated real estate investment trust (REIT) that acquires, develops,
redevelops, and manages multifamily residential properties in selected West
Coast markets. Essex currently has ownership interests in 246 apartment
communities comprising approximately 60,000 apartment homes with an additional
6 properties in various stages of active development. Additional information
about the Company can be found on the Company’s website at www.essex.com.