The two REITs have settled the executive roster for their combined company months ahead of an expected second-half closing.

June 9, 2026

AvalonBay Communities and Equity Residential have unveiled the executive leadership team that will steer the combined company set to emerge from their previously announced merger of equals, a deal that would create one of the largest apartment owners in the United States.

The two real estate investment trusts disclosed the appointments on June 9, 2026, with all roles taking effect upon completion of the merger, which both companies expect to close in the second half of the year. Benjamin W. Schall, currently president and chief executive officer of AvalonBay, will lead the combined organization as president and CEO, while Steve Sterrett will serve as board chair.

Schall described the incoming team as a group with complementary strengths drawn from both organizations, framing the combination as a step toward building one of the country’s premier real estate companies. Sterrett characterized the assembled leadership as a concentration of talent positioned to drive innovation, operational discipline, and long-term value for shareholders, residents, and employees.

A Blended Executive Bench

The new leadership structure draws roughly evenly from both companies, with seven executives reporting directly to Schall once the deal closes.

From Equity Residential:

• Michael Manelis — Executive Vice President and Chief Operating Officer, overseeing day-to-day portfolio operations including leasing, maintenance, engineering, technology, centralized services, and revenue management.
• Scott Fenster — Executive Vice President, General Counsel and Corporate Secretary, with oversight of the legal function and regulatory affairs.

From AvalonBay:

• Kevin O’Shea — Executive Vice President and Chief Financial Officer, responsible for the balance sheet, capital markets, investor relations, and financial reporting.
• Matthew Birenbaum — Executive Vice President and Chief Development Officer, leading development and construction teams and chairing the Management Investment Committee.
• Sean Breslin — Executive Vice President and Chief Investment and Growth Officer, directing acquisitions, dispositions, capital partnerships, new business, and market research.
• Pamela Thomas — Executive Vice President, Portfolio and Asset Management, including capital expenditures, sustainability, retail and mixed-use activities, and joint ventures.
• Alaine Walsh — Executive Vice President, Human Capital and Administration, overseeing human resources, compensation, and talent development.

Ted Schulman, currently AvalonBay’s general counsel, will serve as Executive Vice President of Legal Affairs during the integration before transitioning to a senior advisor role.

A Transformative Combination

The leadership announcement builds on the all-stock merger of equals the two companies unveiled on May 21, 2026. The transaction would create a company with more than 180,000 rental apartments and a pro forma enterprise value of roughly $69 billion.

The combined company will be dual-headquartered in Arlington, Virginia, and Chicago, Illinois, and will operate under a new name to be revealed at closing. Completion remains subject to approval by shareholders of both companies and other customary conditions.

The merger pairs two complementary geographic footprints. Equity Residential, an S&P 500 member, owns and manages 312 properties comprising 85,211 apartment units, concentrated in coastal markets with a growing presence in Atlanta, Austin, Dallas/Fort Worth, and Denver. AvalonBay, also an S&P 500 company, owns, develops, and manages roughly 90,000 apartment homes, anchored in coastal markets such as Boston, the New York/New Jersey metro area, the Mid-Atlantic, Seattle, and California, with expansion targets in North Carolina, Southeast Florida, Texas, and Colorado.

Both companies cautioned that the transaction carries execution risks, including the need for shareholder approval, integration challenges, and potential litigation, and noted there is no certainty the deal will close on the anticipated timeline.