AVALONBAY COMMUNITIES, INC. announced that Timothy J. Naughton, the company?s current Chairman of the Board and Chief Executive Officer, will retire as the Company?s Chief Executive Officer and assume the role of Executive Chairman of the Board. These appointments are consistent with the expectations previously announced by the Company in December 2020 as part of its leadership succession plan. Mr. Naughton?s role as Executive Chairman in 2022 will be a half time role and will include serving as a member of the Company?s Management Investment Committee, assisting the Company with the identification and evaluation of strategic initiatives and technology opportunities, and assisting with business development opportunities, particularly in the Company?s expansion markets.