AvalonBay Communities Inc. Chairman and CEO Bryce Blair will step down from his CEO role at the end of the year, while remaining chairman of the company’s board of directors through 2012.
Timothy J. Naughton, president of AvalonBay, will assume the additional title of CEO.
After his retirement, Blair will spend about half of his work time on AvalonBay activities.
Naughton joined AvalonBay in 1989, serving in a variety of executive roles. He became presdient and a director in 2005.
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