ARLINGTON, Va. (AP) -- AvalonBay Communities Inc. said Monday that Bryce Blair, its former CEO, will retire as chairman of the company's board.
The apartment building owner said Blair decided not to stand for re-election at the company's annual meeting in May and this will complete his retirement from the company. Blair served as CEO for more than 10 years before he announced in 2011 that he would retire.
Timothy Naughton took over as CEO in 2012. Naughton will serve as chairman following his re-election to the board.
AvalonBay Communities, based in Arlington, Va., owns or holds an interest in 273 communities in 12 states and Washington, D.C.
Shares of AvalonBay fell $1.62 to close at $126.75 Monday, in line with broader market trends.