GLENDALE, Calif.--(BUSINESS WIRE)--
Public Storage (NYSE:PSA) announced today a number of key senior
management changes as part of its succession planning program.
Effective January 1, 2019, Joe Russell will be appointed Chief Executive
Officer, in addition to his role as President. Mr. Russell will also
join the Board as trustee on the same date. Ron Havner, the Company’s
CEO since 2002 and officer since 1986, will remain as Chairman of the
Board.
Also effective January 1, 2019, Tom Boyle will be appointed Chief
Financial Officer. On the same date, John Reyes, the Company’s CFO since
1996 and officer since 1990, will be appointed to the Board of Trustees.
"I am proud to have served as Public Storage’s CEO for over fifteen
years. Together with John Reyes, we have created significant value for
our shareholders and look forward to contributing to the Company in our
new roles. We are pleased that Joe and Tom have a long history with our
Company," Mr. Havner said. "Before becoming President in 2016, Joe was
affiliated with Public Storage as President and CEO of PS Business Parks
since 2002. Before joining us as Chief Financial Officer, Operations in
2016, Tom was an investment banker with Morgan Stanley who worked
closely with us on capital markets transactions over the last decade,”
added Mr. Havner.
Gary Pruitt, lead independent trustee of Public Storage’s Board said,
"The principle which has guided the Board’s succession planning has been
to provide for an orderly management succession and continuity at the
same time. We believe with these actions we have achieved that result.
We are grateful to Ron Havner and John Reyes for their long and
successful tenures leading the Company and appreciate their continued
commitment to the Company with their Board service.”
Mr. Pruitt added, “Board succession and an appropriate balance of
renewal and experience, including diversity and independence, continue
to be a focus of our Governance Committee and the Board. As part of that
process, we anticipate additional independent Board candidates will be
considered to join the Board in the future."
The Company also announced additional organizational changes and
promotions:
- John Sambuco, Executive Vice President, Operations, has been promoted
to President of Asset Management. Mr. Sambuco has been with Public
Storage for 26 years, starting as a District Manager in Southern
California and throughout his tenure has led many different teams and
functions, including serving as Chief Operating Officer for Shurgard
Europe. In his new role, Mr. Sambuco will oversee the Company’s asset
management team, as well as focus on store branding.
- Pete Panos, Executive Vice President, Operations, has been promoted to
President of Third Party Management. Mr. Panos has been with Public
Storage for 19 years, starting as a Regional Vice President in Texas
and throughout his tenure has led many different teams and functions,
including serving as Chief Operating Officer for Shurgard Europe. In
his new role, Mr. Panos will be focused on growing the Company’s
third-party management business.
- Steven Lentin has been promoted to Chief Operating Officer. Mr. Lentin
has been with Public Storage for 12 years, starting as a District
Manager in Miami, Florida and recently serving as a divisional manager
for the Southeast markets. Steve will lead the property operations
group.
Mr. Havner said, “John, Pete, and Steven have been instrumental in the
growth and success of the Company. Their long-tenure and multifaceted
experience will position them for continued success.”
About Public Storage
Public Storage, a member of the S&P 500 and FT Global 500, is a REIT
that primarily acquires, develops, owns and operates self-storage
facilities. The Company's headquarters are located in Glendale,
California. At December 31, 2017, we had interests in 2,386 self-storage
facilities located in 38 states with approximately 159 million net
rentable square feet in the United States and 222 storage facilities
located in seven Western European nations with approximately 12 million
net rentable square feet operated under the "Shurgard" brand. We also
own a 42% common equity interest in PS Business Parks, Inc. (NYSE:PSB)
which owned and operated approximately 28 million rentable square feet
of commercial space at December 31, 2017.
Additional information about Public Storage is available on the
Internet. The Company’s web site is PublicStorage.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180220006708/en/
Public Storage
Clemente Teng
(818) 244-8080, Ext. 1141
Source: Public Storage