On November 10, 2022, the board of directors of AvalonBay Communities, Inc. voted to appoint Timothy J. Naughton, currently executive chairman of the board, to the position of non-executive chairman of the board, effective January 1, 2023. As non-executive Chairman, Mr. Naughton will no longer be an employee or executive officer of AvalonBay and will serve on the board as a non-independent, non-employee director. Benjamin W. Schall, Chief Executive Officer and President, will continue to report directly to the board.

The transition of Mr. Naughton to non-executive Chairman completes the transition of management leadership that began with the hiring of Mr. Schall as President, which was announced in December 2020. The board expects to re-nominate Mr. Naughton for re-election to the Board at the company's 2023 Annual Meeting of Stockholders and, if elected, to reappoint him to the position of non-executive Chairman of the Board following the annual meeting.