Public Storage announces leadership changes and headquarters move

Public Storage (NYSE: PSA) announced a series of leadership transitions and strategic initiatives under what the company calls PS4.0, according to a company statement.

Tom Boyle, currently chief financial and investment officer, will become chief executive officer on April 1, 2026, succeeding Joe Russell, who will retire from his roles as president and CEO on March 31, 2026. Russell will provide consulting services through March 31, 2027.

Shankh Mitra, current CEO of Welltower and Public Storage independent trustee, will become non-executive chairman of the board effective April 1, 2026. Ron Havner will continue as a trustee.

The company appointed Joe Fisher as president and chief financial officer effective February 16, 2026. Fisher previously served as president, chief financial and investment officer at UDR, an S&P 500 multifamily REIT.

Additional executive changes include promoting Natalia Johnson to president, chief digital and transformation officer, and Chris Sambar to president, chief operating officer. Ayash Basu joined as chief revenue and marketing officer from Boston Consulting Group.

Mitra purchased $25 million and Havner purchased $5 million in 10-year options with a $350 per share strike price and a 6-year lock-out period, demonstrating their commitment to the new leadership structure.

Public Storage will relocate its corporate headquarters to Frisco, Texas in the Dallas metropolitan area while maintaining a presence in Glendale, California.

The company operates 3,533 self-storage facilities in 40 states with approximately 258 million net rentable square feet. It also owns a 35% equity interest in Shurgard Self Storage Limited, which operates 332 facilities in seven Western European countries.

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