Public Storage CEO and CFO Succession Commences
December 27 2018 - 5:01PM
Business Wire
Public Storage (NYSE:PSA) announced today that Joe Russell and
Tom Boyle will commence serving as Chief Executive Officer and
Chief Financial Officer of the company, respectively, on
January 1, 2019.
Mr. Russell, who has served as President since 2016, will also
join the Board of Trustees. He was previously affiliated with the
company as President and CEO of PS Business Parks, Inc. (NYSE:PSB)
since 2002. Mr. Boyle has served as Chief Financial Officer,
Operations since 2016 after working with Public Storage as an
investment banker at Morgan Stanley for over a decade.
Ron Havner, the company’s Chief Executive Officer since 2002 and
officer since 1986, will remain as Chairman of the Board. John
Reyes, the company’s Chief Financial Officer since 1996 and officer
since 1990, will join the Board.
“Joe and Tom joined Public Storage having demonstrated
consistent success and impeccable character throughout their
careers. Their management, fresh ideas and new strategies have
garnered the trust and respect of the Public Storage team. The
company and its shareholders will be well-served by Joe and Tom’s
leadership moving forward,” said Mr. Havner.
Company Information
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 September 30, 2018, we had interests in
2,418 self-storage facilities located in 38 states with
approximately 161 million net rentable square feet in the
United States and 228 storage facilities located in seven
Western European nations with approximately 12 million net
rentable square feet operated under the “Shurgard” brand. The
Company also owns 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
September 30, 2018.
Additional information about Public Storage is available on the
Internet. The company’s website is PublicStorage.com.
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Public StorageRyan Burke(818) 244-8080, Ext. 1141
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