It is unclear what Walter's next step will be. In the company's last earnings call, he did not discuss the possibility of his departure or a succession.

Last month the company announced that its board of directors amended the bylaws to implement proxy access . Under the new amendment, shareholder that have at least 3% of the company's outstanding common shares and who have held the shares continuously for at least three years, may submit eligible director candidates to the board.

“Our board proactively adopted these amendments as part of its ongoing commitment to corporate governance best practices that includes dialogue, transparency and responsiveness to stockholder views,” Walter said in a prepared statement at the time.

BETHESDA, MD–Host Hotels & Resorts announced that its president and CEO W. Edward Walter is leaving the company effective Dec. 31, 2016. The company has tapped a twenty-year corporate veteran, James F. Risoleo, to take the helm on Jan. 1, 2017. Walter will remain with Host Hotels through January 31, 2017 to help with the transition.

Walter has been the REIT's president and CEO since October 2007. Over that term Host Hotels made more than $7 billion in acquisitions and divestitures.

Risoleo joined Host Hotels in 1996 and has held a number of positions during his tenure, including chief investment officer from 2000 through 2011. He has overseen investments in Europe since Host Hotels' entered the market in 2006 and is currently responsible for all of the company's West Coast investment activities.

“It has been an enormous privilege to lead Host Hotels for the past decade, and I am proud of everything the team has accomplished together,” Walter said in a prepared statement. “I have worked closely with Jim throughout my career at Host, and I believe that he is the ideal individual to drive the future success of the company.”

It is unclear what Walter's next step will be. In the company's last earnings call, he did not discuss the possibility of his departure or a succession.

Last month the company announced that its board of directors amended the bylaws to implement proxy access . Under the new amendment, shareholder that have at least 3% of the company's outstanding common shares and who have held the shares continuously for at least three years, may submit eligible director candidates to the board.

“Our board proactively adopted these amendments as part of its ongoing commitment to corporate governance best practices that includes dialogue, transparency and responsiveness to stockholder views,” Walter said in a prepared statement at the time.