Multifamily developer JPI announced major executive leadership changes Friday, including the naming of a new CEO: Payton Mayes.

The Irving, Texas-based company announced Mayes' selection to replace CEO Brad Taylor, who will remain an active owner and board member for JPI.

In addition to Mayes, who previously served as divisional president and central region managing partner, the firm named Chris Clayton chief capital markets officer, Missy Hubbell chief people officer and Michael Shepherd chief innovation officer. Taylor will retain ownership of the firm and will serve as an active board member.

"JPI has a legacy as a transformational multifamily developer," Mayes said in a statement. "As a team, we're focused on best-in-class people, technology and processes. To successfully diversify in a market evolving at break-neck speeds, we're investing in expert leaders to uphold our people-first approach. I'm humbled to lead an organization with the best people in our industry. Our associates are forging an exciting future for JPI."

JPI is a staple in suburban apartment development and has ambitious growth plans. Taylor told Bisnow in April the firm aims to represent 15% of the area's 20,000 to 25,000 newly built apartment homes annually by 2023.