Equity Residential Mourns Death of Founder and Chairman Samuel Zell
18 Maio 2023 - 11:24AM
Business Wire
Industry Legend Led
Transformation of Public Real Estate Market
It is with profound sadness that Equity Residential (NYSE: EQR)
mourns the death of its Founder and Chairman, Samuel Zell, who died
today at age 81.
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 Michigan and took
it public on the NYSE in August 1993. Under his leadership, Equity
Residential grew into a highly regarded $31B apartment owner,
developer and operator and S&P 500 member. Over the years he
invested in and grew businesses in multiple industries including
real estate, manufacturing, retail, travel, healthcare and
energy.
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 Michigan; the Zell Fellows Program for
entrepreneurship at Northwestern University's Kellogg School of
Management; the Samuel Zell & Robert Lurie Real Estate Center
at the University of Pennsylvania’s Wharton School and the Zell
Entrepreneurship Program at Reichman University (formerly IDC
Herzliya), a private higher education institution in Israel.
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 Boston, New York, Washington, D.C.,
Seattle, San Francisco and Southern California, and an expanding
presence in Denver, Atlanta, Dallas/Ft. Worth and Austin. For more
information on Equity Residential, please visit our website at
www.equityapartments.com.
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Marty McKenna (312) 928-1901
Equity Residential (NYSE:EQR)
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