8-KLeadership Changes

Public Storage 8-K Report, Executive Changes (Jun 17, 2016)

Filed June 17, 2016For Securities:PSAPSA-PRPSA-PFPSA-PGPSA-PHPSA-PIPSA-PJPSA-PMPSA-PNPSA-POPSA-PPPSA-PQPSA-PSPSA-PKPSA-PL

Summary

Public Storage (PSA) announced on June 17, 2016, the appointment of Joseph D. Russell, Jr. as its new President, effective July 1, 2016. Mr. Russell brings extensive experience to this role, having been with the Public Storage family of companies since 2002 and most recently serving as the Chief Executive Officer of PS Business Parks since August 2003. His leadership at PS Business Parks is expected to transition to benefit Public Storage as it pursues its strategic objectives. In connection with his new position, Mr. Russell will receive a competitive compensation package, including a base salary of $600,000, a target bonus of 100% of his base salary, a stock option grant of 25,000 shares, and 10,000 restricted stock units, all subject to standard vesting schedules. While his tenure at PS Business Parks involved transactions with Public Storage, these have been previously disclosed. This appointment signifies a key leadership transition for Public Storage.

Key Highlights

  • 1Joseph D. Russell, Jr. appointed as President of Public Storage, effective July 1, 2016.
  • 2Mr. Russell has been with Public Storage's affiliated companies since 2002.
  • 3Previously served as CEO of PS Business Parks since August 2003.
  • 4Mr. Russell will continue as a board member of PS Business Parks.
  • 5New role includes a base salary of $600,000 and a target bonus of 100% of base salary.
  • 6Receives a stock option grant of 25,000 shares and 10,000 restricted stock units, vesting over five years.
  • 7Previous transactions between PS Business Parks and Public Storage have been disclosed.

Frequently Asked Questions

Joseph D. Russell, Jr. has been appointed as the new President of Public Storage, effective July 1, 2016.

Mr. Russell has been a part of the Public Storage family of companies since 2002 and most recently served as the Chief Executive Officer of PS Business Parks from August 2003.

Mr. Russell will receive a base salary of $600,000, a target bonus equal to 100% of his base salary, a stock option grant of 25,000 shares of common stock, and a grant of 10,000 restricted stock units. These equity awards will vest over five years.

Yes, Mr. Russell will continue to serve as a member of the Board of Directors of PS Business Parks while also taking on the role of President at Public Storage.