Self-storage real estate investment trust Extra Space Storage Inc. has restructured its executive management team.

In the third quarter of 2012, company founder and board member Kenneth M. Woolley, who formerly served as CEO and board chairman, will assume the role of executive chairman of the board of directors and chief investment officer. Woolley has been involved in the self-storage industry for 34 years and has extensive background in acquisition, development, joint-venture structuring and operations. He is returning from a three-year sabbatical volunteer mission for the Church of Jesus Christ of Latter-day Saints.

Spencer F. Kirk will continue to serve as CEO and as a board member.

In addition, Kent W. Christensen relinquished his role as executive vice president and chief financial officer as of Dec. 5. He will be replaced by Scott Stubbs, the former senior vice president of accounting and corporate controller. Stubbs has been a member of the senior management team since joining the company in 2000. He is a licensed CPA with a master's degree in accountancy from Brigham Young University.

"We have appreciated 13 years of contribution from Kent Christensen and wish him well in the future," said Kirk. "The promotion of Scott Stubbs to CFO is a great example of the depth of leadership at Extra Space Storage, enabling a smooth transition of roles within the company."

Headquartered in Salt Lake City, Extra Space owns or operates 860 self-storage facilities in 34 states and Washington, D.C. The company's properties comprise approximately 570,000 units and more than 62 million square feet of rentable storage space.