Irvine Apartment Communities Exec Resigns

William McFarland, the president and chief executive officer of Irvine Apartment Communities Inc., who helped shepherd billionaire developer Donald L. Bren’s successful buyout bid for the Newport Beach apartment developer, has resigned.

McFarland, who took over as president and CEO of Orange County’s largest landlord in July 1997, said he will pursue personal interests.

Under Bren’s buyout bid, which was approved last week by Irvine Apartment shareholders, the company became a unit of the Irvine Co.

McFarland will be succeeded as president by Clarence Barker, who also will be chief operating officer.

The CEO role, filled by three people during the 5 1/2 years that Irvine Apartment was a public firm, no longer exists. Barker will report directly to Bren.

Barker and McFarland were not available for comment.

As part of Bren’s buyout bid, McFarland could be eligible to receive $3.8 million from stock options and other benefits, according to papers filed with the Securities and Exchange Commission.

McFarland has spent 22 years under Bren, serving as president and chief executive of the billionaire’s separately owned residential construction firm, Bren Co. He joined the Irvine Co. in 1984.

Bren chose McFarland in July 1997 to head Irvine Apartment Communities, a real estate investment trust that has developed more than 18,000 rental units on the Irvine Ranch, the nation’s largest master-planned community.

Barker, 50, has spent the last three years as president of Irvine Industrial Co., an Irvine Co. unit that is responsible for developing and leasing properties to companies. He joined the parent companyin 1988.

In another change among senior executives, David Patty becomes IAC’s executive vice president and chief administrative officer. Patty had been senior vice president and chief investment officer with the Irvine Co.

Taking over Patty’s old duties will be Bob Williams, who over the last two years headed the Irvine Co.’s Investment Properties Group in the Silicon Valley.