During his tenure, Equity Residential has sold $2.7 billion in assets in favor of markets it considers to have high barriers to entry. The company also has put new procurement and pricing procedures in place, Duncan notes. Neithercut has been chief financial officer since 1995 to his promotion in August.

"Much of what we set out to accomplish is near completion and will be achieved by year-end," says Duncan, praising the decision to hand the reins to Neithercut. "David is a great leader and has the full respect and support of our Board and management team. Over the past three years, David has been integrally involved in all these efforts and has materially expanded his significant role in a way that uniquely qualifies him for the leadership post he's about to assume."

"I would like to express my appreciation to Bruce for his service to the company," says chairman of the board Sam Zell. "He has moved it in the right direction across the enterprise--reshaping our portfolio, harnessing the full potential of the company's size, centralizing operations and instituting succession management."