Equity LifeStyle Properties, Inc. (NYSE:ELS) (the “Company” or “ELS”) announced today that the Company’s Chief Executive Officer Thomas Heneghan has accepted an offer to become Chief Executive Officer of Equity International effective in February 2013, and thus will resign as CEO of the Company effective February 1, 2013. Marguerite Nader, the Company’s current President and Chief Financial Officer, will be elevated to and assume all the duties of President and CEO of the Company effective February 1, 2013.
Mr. Heneghan will remain CEO of the Company until February 1, 2013, and will work with Ms. Nader and the Board to implement a seamless transition. Mr. Heneghan, who has also served on the Company’s Board of Directors since 2004, will remain a member of the Board and, effective February 1, 2013, will become Co-Vice Chairman of the Board along with the Company’s current Vice Chairman Howard Walker.
Paul Seavey, who has worked for the Company since 1994 and currently serves as the Company’s Senior Vice President of Finance and Treasurer, has been appointed Senior Vice President, Chief Financial Officer and Treasurer effective immediately, and assumes all of Ms. Nader’s responsibilities as CFO. During his tenure with ELS, Mr. Seavey has had responsibility for managing the Company’s capital structure, including secured and unsecured debt agreements, equity offerings and the recent preferred stock exchange offer, as well as for managing tax, accounting and financial planning.
Patrick Waite will join the Company in February 2013 as Senior Vice President of Operations. Mr. Waite has extensive experience in the manufactured housing industry, in which he has worked for almost 20 years, most recently serving as Senior Vice President of American Residential Communities (ARC). Among other significant experience in the industry, Mr. Waite also previously was ELS’s Director of Acquisitions, and was Vice President of Riverside Communities.