Equity Residential Mourns Death of Founder and Chairman Samuel Zell
Industry Legend Led Transformation of Public Real Estate Market
Mr. Zell was an iconic figure in real estate and throughout the corporate world. An active investor in real estate since the 1960s, he helped revolutionize the industry through the popularization of the real estate investment trust (“REIT”) structure in the 1990s, democratizing the ownership of publicly traded real estate companies. Mr. Zell founded the predecessor company to Equity Residential while a student at the University of
Mr. Zell was an active philanthropist with a focus on entrepreneurial education. He established several leading entrepreneurship programs including the Zell Lurie Institute at the University of
Please see www.samzelllegacy.com for a retrospective of Mr. Zell’s many accomplishments and contributions to the investing and philanthropic communities.
“The world has lost one of its greatest investors and entrepreneurs,” said Mark J. Parrell, Equity Residential's President and CEO. “Sam’s insatiable intellectual curiosity and passion for deal making created some of the most dynamic companies in the public real estate industry. He was a generous philanthropist and an incredible mentor and friend and will be missed by all who were lucky enough to be part of his extraordinary world. We extend our deepest condolences to Sam’s family and loved ones.”
Equity Residential’s Board of Trustees has considered succession management one of its core responsibilities since the Company’s initial public offering in 1993. Consistent with the Company’s long-term succession planning process, the Company has appointed David J. Neithercut (67) as Chairman of the Board of Trustees effective immediately. Mr. Neithercut has had a long and successful career as a leader in the real estate industry, including serving as the Company’s Chief Executive Officer from 2006 through 2018 and as a member of the Company’s Board continuously since 2006.
“Sam spent decades creating value for the investors in Equity Residential and his many other enterprises. It was my great privilege to work closely and learn from him for more than 35 years and my honor to succeed him as Chairman of Equity Residential,” said Mr. Neithercut. “The Board, executive leadership and all the employees of Equity Residential are committed to honoring Sam’s legacy through a continued focus on value creation for our shareholders.”
About Equity Residential
Equity Residential is committed to creating communities where people thrive. The Company, a member of the S&P 500, is focused on the acquisition, development and management of residential properties located in and around dynamic cities that attract high quality long-term renters. Equity Residential owns or has investments in 301 properties consisting of 79,351 apartment units, with an established presence in
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Marty McKenna (312) 928-1901
Source: Equity Residential
