Extra Space Storage Executive Chairman Steps Aside as Chief Investment Officer

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Kenneth M. Woolley, founder of Extra Space Storage Inc., one of four publicly traded U.S. self-storage real estate investment trusts, stepped down from his position as chief investment officer (CIO) on July 8, according to a filing with the U.S. Securities and Exchange Commission. Woolley will remain in his position as executive chairman and continue to be involved in the company’s day-to-day business, the July 9 filing said.

The move triggered two other executive moves, with Executive Vice President Charles L. Allen leaving his position as chief legal officer to assume the role of chief investment officer, and Gwyn G. McNeal appointed senior vice president and chief legal officer. McNeal had been vice president of legal operations.

In April 2009, Woolley resigned from his position as chairman and CEO to serve a voluntary three-year mission for his church, although he remained a company director. He rejoined Extra Space as executive chairman and CIO in July 2012. Woolley has been involved in the self-storage industry since 1977 and is directly responsible for developing more than 165 properties and acquiring more than 625 self-storage assets throughout the United States, according to his company biography on the Extra Space website.

Headquartered in Salt Lake City, Extra Space owns or operates 974 self-storage properties in 35 states; Washington, D.C.; and Puerto Rico. The company’s properties comprise approximately 644,000 units and 71 million square feet of rentable space.

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