8-K - Public Storage | StockGist

AI Analysis

AI-generated analysis. Always verify with the original filing.

Public Storage announced a comprehensive leadership transition, including the retirement of CEO Joseph D. Russell, Jr. and the appointment of H. Thomas Boyle as his successor, along with other executive and board changes, and the relocation of its corporate headquarters to Frisco, Texas.

Key Takeaways

1CEO Joseph D. Russell, Jr. will retire on March 31, 2026, and will provide consulting services through March 31, 2027 for a monthly fee of $400,000.

2H. Thomas Boyle, current CFO, will succeed as CEO on April 1, 2026, with an increased annual base salary of $1 million and a $10 million LTIP Unit award.

3Joseph D. Fisher appointed as President, CFO effective February 16, 2026, with a $600,000 annual base salary and a $3 million LTIP Unit award.

4Board Chairman Ronald L. Havner will step down on March 31, 2026, and Shankh S. Mitra will succeed as Chairman on April 1, 2026.

5The company's principal office will relocate from Glendale, California, to Frisco, Texas, effective immediately.

6Shankh S. Mitra and Ronald L. Havner purchased $25 million and $5 million, respectively, in 10-year out-of-the-money options with a $350 per unit exercise price.

Current Report Details

Event Type

Management Change

Other Event

Exhibits Only

Disclosure

Mandatory

Variant

8-K

Items Reported

5.02

, above, on February 10, 2026, the Company entered into agreements to sell to Mr. Mitra and Mr. Havner out-of-the-money non-qualified options (“OP Options”) to

Management Change

$25.0M$5.0M$350.00

8.01

Other Events. On February 10, 2026, the Board approved a change in the Company’s principal office from Glendale, California, to Frisco, Texas, effective immedia

Other Event

9.01

. Financial Statements and Exhibits. (d) Exhibits Exhibit Number Description 10.1 Retirement and Transition Agreement by and among Public Storage and Joseph, D.

Exhibits Only

Source Document

Executive & Director Changes

Joseph D. Russell, Jr.

President and Chief Executive Officer

Retirement

Effective: 2026-03-31

Not disclosed as a result of any disagreement with the Company.

H. Thomas Boyle

Chief Executive Officer

Appointment

Effective: 2026-04-01

Succession planning.

Joseph D. Fisher

President, Chief Financial Officer

Appointment

Effective: 2026-02-16

Succession planning.

Natalia N. Johnson

President, Chief Digital & Transformation Officer

Promotion

Effective: 2026-02-16

Leadership transition.

Chris C. Sambar

President, Chief Operating Officer

Promotion

Effective: 2026-02-16

Leadership transition.

Exhibits (3)

10.1

EX-10.1

8-K

99.1

EX-99.1