Public Storage announces CEO succession, new Chairman, relocation to Frisco, and PS4.0 strategy

Public Storage

CEO Joe Russell retiring March 31, 2026; CFO Tom Boyle appointed CEO effective April 1, 2026.
Shankh Mitra (Welltower CEO) named non-executive Chairman; invests $25M in 10-year options at $350 strike.
Joe Fisher named President & CFO from UDR; Natalia Johnson and Chris Sambar promoted to Presidents.
Corporate HQ relocated from Glendale, CA to Frisco, TX effective immediately; PS4.0 strategic plan unveiled.
Russell consulting agreement: $400K/month through March 2027; new TSR-based incentive program for executives.

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