Summary
Public Storage (PSA) filed an 8-K on July 5, 2023, detailing changes to its CEO's compensation package, effective July 1, 2023. The Compensation and Human Capital Committee approved an increase in President and CEO Joseph D. Russell, Jr.'s base salary from $800,000 to $1,000,000 annually. This adjustment was made after a review of peer compensation levels and practices by an independent compensation consultant.
Key Highlights
- 1CEO's base salary increased from $800,000 to $1,000,000, effective July 1, 2023.
- 2Target annual performance-based bonus for the CEO increased to 200% of base salary.
- 3Performance criteria and goals for the 2023 annual bonus remain unchanged.
- 4The Compensation and Human Capital Committee approved these changes.
- 5The decision was based on a review of peer compensation levels and practices by an independent consultant.
Frequently Asked Questions
The changes were implemented following a review of peer compensation levels and practices conducted by the Committee's independent compensation consultant to ensure competitive compensation for the CEO.
No, the performance criteria or goals for Mr. Russell's 2023 annual performance-based bonus award were not modified. Only the target percentage of his base salary has been adjusted.
The new base salary is $1,000,000. The target annual bonus is 200% of his base salary, which would be $2,000,000, bringing the target total cash compensation to $3,000,000 before considering any actual performance achievement above or below the target.