x

Posted 16 March, 2023

INDEPENDENCE REALTY TRUST, INC. appointed new CEO

CEO Change detected for ticker NYSE:IRT in a 8-K filed on 16 March, 2023.


  In connection with Mr. Ender's cessation of service, Scott Schaeffer, the Company's Chief Executive Officer and the Chairman of its Board of Directors, has been appointed to also serve as the Company's President. Biographical information for Mr. Schaeffer is set forth in the Company's 2022 definitive proxy statement on Schedule 14A, filed with the Securities and Exchange Commission on March 18, 2022, and such biographical information is incorporated herein by reference.  

Don't how to trade CEO change? Read Reasons for CEO Turnover and Effect on Stock Performance.
Overview of INDEPENDENCE REALTY TRUST, INC.
Real Estate/Construction • Residential REITs
Independence Realty Trust, Inc. is a real estate investment trust, which acquires, owns, operates, improves and manages multifamily apartment communities across non-gateway U.S. markets. It aims to provide stockholders risk-adjusted returns through diligent portfolio management, operational performance and consistent return of capital through distributions and capital appreciation. The company was founded on March 26, 2009 and is headquartered in Philadelphia, PA.
Market Cap
$3.62B
View Company Details
INDEPENDENCE REALTY TRUST, INC. 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 March 13, 2023, Independence Realty Trust, Inc. (the "Company") and Farrell Ender, the Company's President, agreed that Mr. Ender will resign from employment with the Company, effective May 1, 2023. Mr. Ender's resignation is not because of a disagreement with the Company on any matter relating to the Company's operations, policies or practices.

Mr. Ender's resignation will constitute a resignation with Good Reason (as defined in his employment agreement with the Company) and will therefore entitle him to (i) accelerated vesting of his time-based restricted share units, (ii) pro-rata vesting of his performance share units (based on actual corporate performance), and (iii) severance pay and benefits, in each case in accordance with his pre-existing employment and performance share unit award agreements (and in each case subject to his execution of a release of claims). The applicable equity award forms and Mr. Ender's employment agreement were filed as Exhibits 10.16, 10.19 and 10.26 to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2022 (filed with the Securities and Exchange Commission on February 23, 2023).

In connection with Mr. Ender's cessation of service, Scott Schaeffer, the Company's Chief Executive Officer and the Chairman of its Board of Directors, has been appointed to also serve as the Company's President. Biographical information for Mr. Schaeffer is set forth in the Company's 2022 definitive proxy statement on Schedule 14A, filed with the Securities and Exchange Commission on March 18, 2022, and such biographical information is incorporated herein by reference. No family relationship exists between Mr. Schaeffer and any of the Company's directors or executive officers. There are no arrangements or understandings between Mr. Schaeffer and any other person pursuant to which Mr. Schaeffer was selected as an officer of the Company, nor are there any transactions to which the Company is or was a participant and in which Mr. Schaeffer had or will have a direct or indirect material interest subject to disclosure under Item 404(a) of Regulation S-K.

On March 14, 2023, the Company issued a press release announcing the departure of Mr. Ender. A copy of such press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.