After the recent resignation of President Steven Osgood and a dramatic dip in stock price, U-Store-It Trust hired industry heavyweight Dean Jernigan as its new chief executive officer. The move may help regain investor confidence, which appears to have waned since the Cleveland-based real estate investment trust missed its fourth quarter 2005 projections and is about to miss its 1Q 2006 numbers.
Jernigan, a highly respected member of the self-storage community, served as founder, chairman and CEO of rival company Storage USA for 17 years. He was present for its inception in 1985, initial public offering in 1994, and ultimate sale to General Electric Co. in 2002. Since then, he has been president of private venture Jernigan Property Group LLC in Memphis, Tenn.
Osgood's resignation was official on April 20, 2006. He left the company to pursue other opportunities. Jernigan's appointment as the new CEO and president has been received favorably by by analysts and investors.
For more information, visit www.u-store-it.com.