Self-storage real estate investment trust (REIT) Public Storage Inc. announced several senior-management changes as part of its succession plan. Effective Jan. 1, 2019, Joe Russell will become CEO in addition to his president’s role, and Tom Boyle will be appointed chief financial officer. Russell will take over for Ronald L. Havner Jr., who will remain chairman of the board. Russell will also become a member of the company’s board of trustees, according to a press release.
Russell became company president in 2016. He previously served as president and CEO of PS Business Parks, an affiliate commercial real estate firm, for 14 years. Boyle, who joined the company from Morgan Stanley as chief financial officer for operations in 2016, will assume the role held by John Reyes since 1996. Reyes has been a company officer since 1990 and will be appointed a trustee, the release stated.
Havner has served as CEO since 2002 and been a company officer since 1986. "I am proud to have served as Public Storage’s CEO for over 15 years. Together with John Reyes, we have created significant value for our shareholders and look forward to contributing to the company in our new roles,” Havner said. “We are pleased that Joe and Tom have a long history with our company.”
"The principle which has guided the board’s succession planning has been to provide for an orderly management succession and continuity at the same time,” said Gary Pruitt, the board’s lead independent trustee. “We believe, with these actions, we have achieved that result. We are grateful to Ron Havner and John Reyes for their long and successful tenures leading the company and appreciate their continued commitment to the company with their board service.”
The REIT also announced promotions for executive vice presidents of operations Pete Panos and John Sambuco. Panos will serve as president of third-party management, and Sambuco is now president of asset management.
Panos has been with Public Storage for 19 years, beginning as a regional vice president in Texas. His career has included supervision of Shurgard Europe and the role of chief operating officer (COO). He’ll now focus on growing the REIT’s third-party management business, according to the release.
Sambuco has been with the company for 26 years, beginning as a district manager in Southern California. His tenure has also included the COO role for Shurgard. He’ll now oversee the REIT’s asset-management team and focus on store branding.
In addition, Steven Lentin has been promoted to COO from his role as divisional manager for the company’s Southeast markets. Lentin has been with Public Storage for 12 years, beginning as a district manager in Miami. He’ll now lead the property-operations group.
“John, Pete, and Steven have been instrumental in the growth and success of the company,” Havner said. “Their long tenure and multi-faceted experience will position them for continued success.”
Based in Glendale, Calif., Public Storage has interests in 2,386 self-storage facilities in 38 states, with approximately 159 million net rentable square feet. Operating under the Shurgard brand name, the company also has 222 facilities in seven European countries, with approximately 12 million net rentable square feet.
BusinessWire, Public Storage Announces Senior Management Changes