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CHICAGO-Equity Residential CFO and EVP Donna Brandin is resigning effective Sept. 14. Brandin, 49, "is resigning in order to pursue other professional and personal interests, not as a result of any disagreement with the company regarding financial or accounting practices," according to a released statement from the locally based company. Representatives from Equity Residential did not return several phone calls seeking comment. John Lennox, a senior vice president with the company, will serve as interim chief financial officer.
Brandin reached her last post with the company in August 2004 when David Neithercut was promoted to EVP of corporate strategy, as reported by GlobeSt.com. Neithercut is currently the company's president and CEO. Billionaire investor Sam Zell is chairman of the company's board of trustees.
Before joining the firm, Brandin had been the senior vice president and treasurer of Cardinal Health. She has also previously held finance-related positions with Campbell Soup, Emerson Electric Co., Peabody Holding Co. and McDonnell Douglas Co. Brandin's total compensation for 2006 was $849,125, which included a salary of $350,000 and a cash bonus of $275,000, according to a proxy statement for Equity Residential's 2006 annual report.
Equity Residential will have a $1-million charge during the third quarter due to severance pay and other costs associated with the change in management, sources say. Brandin will reportedly receive a cash severance of $600,000 and a prorated cash bonus of $185,000. Lennox, who will fill in as interim chief financial officer until a replacement is found, has worked for Equity Residential and its predecessor companies for more than 23 years. Lennox is currently the SVP of financial planning and analysis. The company owns or has investments in 605 properties with a total of 160,953 apartment units.
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