Leader of Proxy Fight Proposes Post CEO

John Williams, former chief executive officer of Atlanta-based Post Properties, is proposing Edward Lowenthal for the position of president and CEO of the multifamily real estate investment trust if Mr. Williams' director nominees are elected to the Post board.Mr. Lowenthal, the co-founder of Wellsford Residential Property Trust (which was merged into Equity Residential Properties in 1997), has more than 20 years of experience in the real estate industry, according to Mr. Williams. Mr. Lowenthal will remain a trustee of Equity Residential until May 30. "We will immediately form a special committee of the board with a mandate to explore all ways to enhance shareholder value, including a potential sale or merger of the company," Mr. Lowenthal said. Responding to Mr. Williams' announcement, Post Properties said, "We find it hard to believe that Mr. Williams is spending more than $6.3 million on this proxy contest with an expectation that Mr. Lowenthal would act independently of him. When Mr. Williams praises Mr. Lowenthal as the right person for the job, keep in mind that this is exactly what he said about Dave Stockert when Mr. Stockert succeeded him as CEO last summer."