MAA Announces Leadership Promotions

Rhea-AI Summary

MAA (NYSE: MAA) announced leadership promotions aimed at strengthening its executive team, with Eric Bolton highlighting strong performance trends and external growth. Brad Hill has been promoted to Chief Investment Officer, Rob DelPriore to Chief Administrative Officer & General Counsel, Joe Fracchia to Chief Technology & Innovation Officer, and Tim Argo to Chief Strategy & Analysis Officer. Additionally, Andrew Schaeffer becomes Senior Vice-President and Treasurer. These moves are expected to enhance MAA's capacity for value creation and capitalize on emerging opportunities in the REIT sector.

Positive

• Promotions of key executives enhance leadership capabilities.
• Strong performance trends and accelerating external growth noted.
• Focus on leveraging new technologies for value creation.

Negative

• None.

GERMANTOWN, Tenn., Dec. 13, 2021 /PRNewswire/ -- MAA (NYSE: MAA) announced today several promotions among its leadership team.  Commenting on the promotions, Eric Bolton, Chairman and CEO, said, "We have an active program focused on leadership development at MAA.  It is an exciting time for our company as performance trends are strong, external growth is accelerating and new technologies offer expanding opportunities to drive even higher value for those we serve.  The promotions announced today support our ongoing commitment to strengthen and grow our executive leadership team and capitalize on the opportunities in front of us."

Brad Hill has been promoted to Executive Vice-President, Chief Investment Officer.  Hill will oversee all property investment activities of the company including property acquisitions and dispositions, management of lease-up properties, the company's joint-venture pre-purchase program with third-party developers as well as the company's in-house development operations that will continue to be directed by David Ward, EVP and Director of Development.  Hill holds a BS from Tulane University and an MBA from SMU's Cox School of Business.  He is a CFA® charter holder, member of the National Multifamily Housing Council and a member of the Urban Land Institute – Multifamily Blue Council.  Hill has been with MAA since 2010.

Rob DelPriore has been promoted to Executive Vice-President, Chief Administrative Officer & General Counsel.  DelPriore will continue his oversight of legal, risk management and commercial property operations.  He will also oversee policy oversight and compliance, supporting cross-functional coordination for the company.  DelPriore holds a BA from Vanderbilt University and a law degree from the University of Tennessee.  DelPriore has been with MAA since 2013 after previously supporting MAA as outside securities counsel for 18 years. 

Joe Fracchia has been promoted to Executive Vice-President, Chief Technology & Innovation Officer.  Fracchia will oversee new technology and innovation operations, information technology and enterprise change management processes.  Fracchia holds a BS in Accounting from the University of Tennessee and a MS in Accounting Systems from the University of Memphis.  He is both a Certified Public Accountant (inactive status) and Certified Information Systems Auditor.  Fracchia has been with MAA since 2016.

Tim Argo has been promoted to Executive Vice-President, Chief Strategy & Analysis Officer.  Argo will oversee corporate and portfolio strategy development and market research, as well as continue his leadership of the company's annual budgeting and planning processes.  In addition, Argo will oversee the execution of the company's expanding ESG program and new initiatives.  Argo holds a BBA and MBA from the University of Memphis with a concentration in accounting.  He holds the Certified Public Accountant designation.  Argo has been with MAA since 2002. 

In connection with Argo's promotion, Andrew Schaeffer has been promoted to Senior Vice-President, Treasurer and Director of Capital Markets, reporting to Al Campbell, EVP and Chief Financial Officer.  Schaeffer will continue his oversight of all treasury, debt and banking operations and will also be assuming responsibility for capital markets and investor relations.  Schaeffer holds a BS and MA in Accounting from the University of Tennessee.  He also holds a Certified Public Accountant designation (inactive status).  Schaeffer has been with MAA since 2009.

Bolton added "I believe these promotions, along with the continued leadership from our EVP and CFO, Al Campbell, our EVP and Chief Operating Officer, Tom Grimes, and our EVP and Chief Human Resources Officer, Melanie Carpenter, positions the MAA leadership team to effectively capture opportunities for higher performance and value creation." 

About MAA
MAA is a self-administered real estate investment trust (REIT) and member of the S&P 500. MAA owns or has ownership interest in apartment communities throughout the Southeast, Southwest and Mid-Atlantic regions of the U.S. focused on delivering strong, full-cycle investment performance. For further details, please refer to www.maac.com.

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SOURCE MAA

FAQ

What leadership changes were announced by MAA on December 13, 2021?

MAA announced several executive promotions, including Brad Hill as Chief Investment Officer and Rob DelPriore as Chief Administrative Officer.

How will the promotions at MAA impact the company?

The promotions aim to strengthen the leadership team and capitalize on growth opportunities in the real estate investment sector.

What is MAA's stock symbol?

MAA's stock symbol is MAA, and it is listed on the NYSE.

Who is the CEO of MAA?

Eric Bolton is the Chairman and CEO of MAA.

When were the leadership promotions at MAA announced?

The promotions were announced on December 13, 2021.