AvalonBay Communities Appoints Timothy Naughton as CEO
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AvalonBay Communities Inc., the second-largest publicly traded U.S. apartment owner, appointed President Timothy J. Naughton to replace Bryce Blair as chief executive officer at the end of 2011.
Blair will remain as chairman of the board through 2012 and focus on development and construction, the Virginia-based real estate investment trust said today in a statement.