Public Storage and PS Business Parks, Inc. Announce Senior Management Changes
June 17 2016 - 4:32PM
Business Wire
Public Storage (NYSE:PSA) and PS Business Parks, Inc. (NYSE:PSB)
today jointly announced changes to their senior management
teams.
Public Storage announced that its Board of Trustees has
appointed Joseph D. Russell, Jr. to serve as President, effective
July 1, 2016. Mr. Russell joined PS Business Parks in 2002 and
served as Chief Executive Officer since August 2003. “We are
fortunate to have someone with Joe’s experience and track record
within the Public Storage family of companies to serve as our
President. I’ve worked with Joe for over a decade as he led PS
Business Parks and delivered consistent growth and sector leading
performance. He brings tremendous skills and experience to the
senior management team of Public Storage,” said Ronald L. Havner,
Jr., Chairman and Chief Executive Officer of Public Storage. Mr.
Russell will continue to serve as a member of the Board of
Directors of PS Business Parks.
PS Business Parks also announced that its Board of Directors has
promoted the company’s President, Maria R. Hawthorne to Chief
Executive Officer and elected her to the Board of Directors,
effective July 1, 2016. Ms. Hawthorne has been with PS
Business Parks for over 30 years. In her tenure, Ms. Hawthorne
served in numerous operational and executive roles, including
Executive Vice President and Chief Administrative Officer from July
2013 until August 2015, when she was promoted to President.
“Maria is a strong leader supported by an experienced senior
management team. I am confident Maria is the right person to
continue growing and delivering significant value to PS Business
Parks’ shareholders,” said Ronald L. Havner, Jr., Chairman of PS
Business Parks.
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. Public Storage’s headquarters are
located in Glendale, California. At March 31, 2016,
Public Storage had interests in 2,291 self-storage facilities
located in 38 states with approximately 149 million net rentable
square feet in the United States and 217 storage
facilities located in seven Western European nations with
approximately 12 million net rentable square feet operated under
the “Shurgard” brand. Public Storage also owns a 42% common equity
interest in PS Business Parks, Inc. which owned and operated
approximately 28 million rentable square feet of commercial
space at March 31, 2016.
About PS Business Parks,
Inc.
PS Business Parks, Inc., a member of the S&P SmallCap 600,
is a self-advised and self-managed real estate investment trust
that acquires, develops, owns and operates commercial properties,
primarily multi-tenant flex, office and industrial space. “Flex”
space is defined as buildings that are configured with a
combination of office and warehouse space and can be designed to
fit a number of uses (including office, assembly, showroom,
laboratory, light manufacturing and warehouse space). As of March
31, 2016, PS Business Parks, Inc. wholly owned 28 million
rentable square feet with approximately 4,900 customers in six
states.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160617005875/en/
Contact for Public Storage:Clemente Teng(818) 244-8080, Ext.
1141orContact for PS Business Parks:Ed Stokx(818) 244-8080, Ext.
1649
PS Business Parks (NYSE:PSB)
Historical Stock Chart
From Aug 2024 to Sep 2024
PS Business Parks (NYSE:PSB)
Historical Stock Chart
From Sep 2023 to Sep 2024