Mid-America Apartment Communities, Inc. (MAA, Financial) has announced a significant leadership transition. H. Eric Bolton, Jr. will retire from his position as Chief Executive Officer effective March 31, 2025. A. Bradley Hill, currently serving as the company's President and Chief Investment Officer, will assume the role of CEO starting April 1, 2025.
In a strategic move to ensure a smooth transition, Mr. Bolton will continue to support the company as Executive Chairman. He will also remain as Chairman of the Board of Directors. This planned succession is part of the company's ongoing efforts to maintain stability and continuity in its leadership.
As part of this transition, Mr. Bolton has entered into a new employment agreement effective April 1, 2025, which will run until December 31, 2026. Under this agreement, Mr. Bolton will receive an annual base salary of $850,000 for the remainder of 2025 and $750,000 for 2026. He will continue to participate in the company's executive compensation plans.
The agreement outlines provisions for Mr. Bolton's compensation in the event of termination due to death, permanent disability, or if terminated by the company without cause. It also includes restrictions on Mr. Bolton's involvement in the multi-family residential business outside of the company during the term of the agreement.
This leadership change marks a new chapter for Mid-America Apartment Communities as it continues to focus on its strategic goals and growth in the real estate sector.
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