Self-Storage REIT Life Storage Makes Changes to Board of Directors

Self-storage real estate investment trust (REIT) Life Storage Inc. has named CEO David Rogers to its board of directors and appointed Dana Hamilton and Edward Pettinella as independent board members. The moves coincide with the retirement of co-founders Robert J. Attea and Kenneth F. Myszka from the board and are part of an initiative to increase independence and diversity in company governance, according to a press release. The board appointments of Hamilton, Pettinella and Rogers are effective immediately.

Hamilton and Pettinella join the board as part of an agreement with Land & Buildings Investment Management LLC, which owns 1.8 percent of outstanding Life Storage shares.

Hamilton has a financial and analytical background, focused on real estate investing and operation. Her experience in the real estate industry includes being a partner at Pretium Partners LLC and the roles of president of European operations and executive vice president of national operations at Archstone. She also was a director at FelCor Lodging Trust Inc.

Pettinella’s career has focused on banking and real estate. His real estate experience includes stints as director, president and CEO of Home Properties Inc., an apartment REIT. He also previously served as president of Charter One Bank of New York and executive vice president of Charter One Financial Inc.

Rogers has been CEO since 2012. He served as the company’s chief financial officer and secretary from 1995 to 2012. He’s been with the company since 1984.

Attea and Myszka have been instrumental in growing the Life Storage business. Attea has been board chair since 1995 and served as CEO from March 1997 to February 2012. Myszka currently serves as president. He’s been a director since 1995 and served as chief operating officer from March 1997 to January 2015. As part of the company’s multi-year succession plan, Myszka will remain part of business operation through this year, when his employment agreement expires, the release stated.

"On behalf of the entire board, I thank Bob and Ken for their exceptional leadership and innumerable contributions to Life Storage over the past 35 years," said Stephen R. Rusmisel, the board’s lead independent director. "Since Bob and Ken co-founded the company in 1982, Life Storage has grown from a single property to one of the country’s largest public self-storage companies, with more than 1,600 employees and 700 self-storage facilities across 28 states. Their dedication to Life Storage and its shareholders has earned the admiration of our entire company, and we wish them all the best.”

The board also elected Mark G. Barberio as the company’s non-executive chairman, effective after the 2018 annual meeting. Barberio has served on the Life Storage board since 2015 and has more than 20 years of senior management and board experience in a variety of industries.

Hamilton will serve as a member of the board’s Audit Committee, while Pettinella will serve on the Nominating and Governance Committee. The additions of Hamilton, Pettinella and Rogers to the board means the governing group will temporarily comprise 10 directors, seven of whom are independent. Following the departure of Attea and Myszka, the board will have eight directors, seven of whom are independent.

Following the annual meeting, Carol Hansell will become chair of the nominating and governance committee, and Arthur Havener will lead the audit committee. Rusmisel will continue to serve as chair of the compensation committee.

Based in Buffalo, N.Y., Life Storage operates more than 700 self-storage facilities in 28 states under the Life Storage and Uncle Bob’s brands. Its portfolio of owned and managed facilities comprises more than 49 million square feet.

Source:
BusinessWire, Life Storage Inc. Announces Changes to the Board of Directors

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