(Updates with transition details in second paragraph)
June 6 (Bloomberg) -- 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.
AvalonBay, which develops, acquires and manages apartments, owns or holds an interest in 187 communities with 55,027 homes in 10 states. Blair started at the company more than 25 years ago and served as CEO for a decade. Naughton, who has been president since 2005, joined the company in 1989.
“We are well positioned for the future,” Blair said in the statement. “Consequently, I felt that the time was right for me personally and for AvalonBay to initiate a leadership transition.”
--Editors: Ross Larsen, Andrew Blackman.
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