|
|
| AvalonBay Communities Establishes Lead Independent Director Role |
ALEXANDRIA, Va., March 12 /PRNewswire-FirstCall/ -- AvalonBay Communities, Inc. (NYSE: AVB; PCX) announced today that the Board of Directors has established the role of Lead Independent Director and has named Lance R. Primis to serve in that role. In his role as Lead Independent Director, Mr. Primis' responsibilities will include chairing meetings of the independent directors; helping to encourage and facilitate communications between the independent directors, the Chairman and management, as well as facilitating communications among committees of the Board; and acting as a contact person for those who wish to communicate with the independent directors. Bryce Blair, Chairman, Chief Executive Officer and President said, "AvalonBay is committed to employing best practices and continuing to advance its corporate governance standards. Establishing the Lead Independent Director role will further enhance our current corporate governance practices, and I look forward to working with Mr. Primis in his new role." Mr. Primis joined the Company's Board in June 1998. He currently chairs the Compensation Committee and serves on the Nominating and Corporate Governance Committee. Following the 2003 Annual Meeting, it is not expected that Mr. Primis will serve as a member of any of the committees of the Board of Directors, although he will frequently attend and participate in committee meetings. Mr. Primis has been the managing partner of Lance R. Primis & Partners, LLC, a management consulting firm with clients in the media industry, since 1997. From 1969 to 1996, Mr. Primis was employed in various positions by The New York Times Company, including the positions of President and Chief Operating Officer, which he held from 1992 to 1996. In addition, Mr. Primis was the President and General Manager of The New York Times from 1988 to 1992. Mr. Primis is also a member of the Board of Directors of Metro International S.A and Torstar Corporation. About AvalonBay Communities AvalonBay Communities, Inc., headquartered in Alexandria, Virginia, currently owns or holds an ownership interest in 149 apartment communities containing 43,608 apartment homes in 11 states and the District of Columbia, of which 12 communities are under construction and two communities are under reconstruction. AvalonBay is in the business of developing, redeveloping, acquiring and managing luxury apartment communities in high barrier-to-entry markets of the United States. More information on AvalonBay may be found on AvalonBay's Web site at http://www.avalonbay.com .SOURCE AvalonBay Communities, Inc.
back to topRelated links:
CONTACT:
Bryce Blair, Chairman, Chief Executive
Officer and President of AvalonBay Communities, Inc.,
+1-703-317-4652
