8-KLeadership ChangesRegulation FDOther Events+1

Public Storage 8-K Report, Executive Changes (Feb 12, 2026)

Filed February 12, 2026For Securities:PSAPSA-PRPSA-PFPSA-PGPSA-PHPSA-PIPSA-PJPSA-PMPSA-PNPSA-POPSA-PPPSA-PQPSA-PSPSA-PKPSA-PL

Summary

This 8-K filing by Public Storage (PSA) announces significant leadership transitions and a corporate relocation. Effective March 31, 2026, long-serving CEO Joseph D. Russell, Jr. will retire. H. Thomas Boyle, currently SVP, Chief Financial and Investment Officer, will succeed Mr. Russell as CEO starting April 1, 2026. Additionally, Joseph D. Fisher will step in as President, Chief Financial Officer, effective February 16, 2026. These changes are accompanied by executive promotions and board adjustments, including a new Chairman of the Board. The company is also relocating its principal office from Glendale, California, to Frisco, Texas, effective immediately. Investors should note the strategic alignment of these changes, with internal promotions and a focus on digital transformation. The compensation packages for the new CEO and CFO are substantial, reflecting their new roles and including significant equity awards designed to align long-term interests. The retirement of Mr. Russell is amicable, and he will provide consulting services for a period. The relocation to Texas is a notable strategic move that may have implications for operational costs and talent acquisition.

Key Highlights

  • 1CEO Joseph D. Russell, Jr. to retire effective March 31, 2026.
  • 2H. Thomas Boyle appointed as new CEO, effective April 1, 2026, with a significant increase in compensation and equity awards.
  • 3Joseph D. Fisher appointed as President, Chief Financial Officer, effective February 16, 2026, with a substantial compensation and equity package.
  • 4Natalia N. Johnson promoted to President, Chief Digital & Transformation Officer.
  • 5Chris C. Sambar promoted to President, Chief Operating Officer.
  • 6Shankh S. Mitra appointed as the new Chairman of the Board, effective April 1, 2026.
  • 7Public Storage is relocating its principal office from Glendale, California, to Frisco, Texas, effective immediately.

Frequently Asked Questions

The most significant leadership change is the retirement of CEO Joseph D. Russell, Jr. effective March 31, 2026. He will be succeeded by H. Thomas Boyle, the current SVP, Chief Financial and Investment Officer, starting April 1, 2026. Additionally, Joseph D. Fisher will become President, Chief Financial Officer effective February 16, 2026. Natalia N. Johnson and Chris C. Sambar have been promoted to President, Chief Digital & Transformation Officer and President, Chief Operating Officer, respectively. Shankh S. Mitra will become the new Chairman of the Board.

Effective April 1, 2026, Mr. Boyle's annual base salary will increase to $1 million. His 2026 target annual performance-based bonus is set at 200% of his base salary, and the aggregate target value of his 2026 annual equity award is $10 million. He was also granted out-of-the-money time-based appreciation-only (AO) units of profits interest with a grant date fair value of $10 million, which vest over eight years.

Mr. Fisher will receive an initial annual base salary of $600,000. He is eligible for a 2026 annual performance-based cash incentive award with a target bonus potential of $1.4 million and a 2026 annual equity award with an aggregate target value of $4 million. He was also granted out-of-the-money time-based AO LTIP Unit award with a grant date fair value of $3 million, which vests over eight years.

Public Storage's Board of Trustees approved a change in the Company's principal office from Glendale, California, to Frisco, Texas, effective immediately upon the Board's approval on February 10, 2026.