8-KLeadership ChangesRegulation FDExhibits & Filings

Extra Space Storage Inc. 8-K Report, Executive Changes (Sep 12, 2016)

Filed September 12, 2016For Securities:EXR

Summary

This 8-K filing from Extra Space Storage Inc. (EXR) on September 12, 2016, announces a significant leadership transition. Spencer F. Kirk, the long-serving CEO, will retire from his executive role effective December 31, 2016, but will continue to serve on the company's board of directors. This marks the end of an era for the company under Mr. Kirk's leadership. The company has appointed Joseph (Joe) D. Margolis as the successor to Mr. Kirk, effective January 1, 2017. Mr. Margolis brings a wealth of experience to the CEO position, having served as the Company's Chief Investment Officer since July 2015 and previously as a director. His background includes extensive experience in real estate investment and legal roles, suggesting a continuity of strategic direction and operational expertise.

Key Highlights

  • 1Spencer F. Kirk to retire as CEO effective December 31, 2016.
  • 2Mr. Kirk will remain on the Extra Space Storage Inc. Board of Directors.
  • 3Joseph D. Margolis appointed as the new CEO, effective January 1, 2017.
  • 4Mr. Margolis currently serves as Chief Investment Officer and has prior board experience.
  • 5Mr. Margolis's annual base salary will increase to $750,000 upon assuming CEO role.
  • 6The company issued a press release on September 12, 2016, detailing these leadership changes.

Frequently Asked Questions

This 8-K filing announces the retirement of Extra Space Storage Inc.'s Chief Executive Officer, Spencer F. Kirk, and the appointment of Joseph D. Margolis as his successor.

No, while Mr. Kirk is retiring as CEO, he will continue to serve on the Company's board of directors.

Mr. Margolis has been the Company's Chief Investment Officer since July 2015 and previously served on the board. His prior experience includes roles at Penzance Properties, Arsenal Real Estate Funds, and Prudential Real Estate Investors, with expertise in investment, capital markets, and legal affairs.

Upon becoming CEO, Mr. Margolis's annual base salary will increase from $500,000 to $750,000. He will also remain eligible for bonuses, equity awards, and other standard employee benefits.