x

Posted 23 February, 2024

American Homes 4 Rent appointed Bryan Smith as new CEO

NYSE:AMH appointed new Chief Executive Officer Bryan Smith in a 8-K filed on 23 February, 2024.


  The Company also announced that the Board had appointed Bryan Smith, the Company's Chief Operating Officer, as the new Chief Executive Officer of the Company, effective upon Mr. Singelyn's retirement, and that Christopher C. Lau, the Company's Chief Financial Officer, had been appointed to the elevated role of Senior Executive Vice President, effective immediately.  

Don't how to trade CEO change? Read Reasons for CEO Turnover and Effect on Stock Performance.
Overview of American Homes 4 Rent
Real Estate/Construction • Residential REITs
American Homes 4 Rent operates as a real estate investment trust. It engages in the acquisition, renovation, leasing, and operating of single-family homes as rental properties. The company was founded by Bradley Wayne Hughes, Sr. on October 19, 2012 and is headquartered in Las Vegas, NV.
Market Cap
$13.5B
View Company Details
American Homes 4 Rent by TradingView
Relevant filing section
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers


On February 22, 2024, American Homes 4 Rent (the "Company") announced that David P. Singelyn, the Company's Chief Executive Officer, had notified the Board of Trustees (the "Board") of the Company of his intent to retire. Subject to the terms of a Retirement and Award Agreement (the "Retirement Agreement") described below, Mr. Singelyn agreed to continue to serve as Chief Executive Officer until December 31, 2024. The Company also announced that the Board had appointed Bryan Smith, the Company's Chief Operating Officer, as the new Chief Executive Officer of the Company, effective upon Mr. Singelyn's retirement, and that Christopher C. Lau, the Company's Chief Financial Officer, had been appointed to the elevated role of Senior Executive Vice President, effective immediately.


Mr. Smith, age 50, has served as the Company's Chief Operating Officer since 2019, as Executive Vice President and President of Property Management from 2015-2019, and as Senior Vice President and Director of Property Management from 2012-2015.


In connection with the above promotions, the Human Capital and Compensation Committee of the Board approved the following changes in compensation: (i) Mr. Smith's base salary was increased to $750,000, effective immediately, and his target 2024 performance-based Annual Incentive Plan award was changed to 175% of his base salary; and (ii) Mr. Lau was issued a restricted stock unit award with a grant date fair value of $5,000,000 that is subject to five year cliff vesting.


In addition, on February 21, 2024, the Company and Mr. Singelyn entered into the Retirement Agreement pursuant to which (i) Mr. Singelyn agreed to defer the effective date of his retirement to December 31, 2024, (ii) Mr. Singelyn agreed to provide transition advisory services from his retirement until June 30, 2025, (iii) the Company agreed to issue Mr. Singelyn a restricted stock unit award with a grant date fair value of $1,600,000 (the "Transition Award"), subject to vesting on June 30, 2025 upon satisfaction of certain vesting conditions, including performance of his obligations under the Retirement Agreement, (iv) the Company agreed that Mr. Singelyn's base salary for 2024 is $825,000 and that he would be eligible to receive a 2024 performance-based Annual Incentive Plan award, (v) the Company agreed to reimburse Mr. Singelyn for the cost of continuing COBRA health coverage for up to eighteen (18) months after he is no longer eligible for Company health coverage, and (vi) Mr. Singelyn agreed to a customary general release and certain restrictive covenants.