GLENDALE, Calif.--(BUSINESS WIRE)--Public Storage (NYSE:PSA) announced today that the Board of Trustees elected Ronald L. Havner, Jr. as Chairman of the Board, effective immediately. Mr. Havner has been a member of the Board of Trustees since 2002 and will continue to serve as Chief Executive Officer and President of the company. B. Wayne Hughes, founder of Public Storage, resigned as Chairman, but will continue as a trustee of the company.
Mr. Havner said, "I am pleased to be named Chairman of Public Storage. I would like to thank Wayne at this time, on behalf of Public Storage's current and former employees, its shareholders and its partners, for his immeasurable contributions to the company and the industry he founded almost 40 years ago. There could be no bigger shoes to fill."
Ronald L. Havner, Jr., age 53, has been the Vice-Chairman, Chief Executive Officer and a member of the Board of Public Storage since November 2002 and President since July 1, 2005. Mr. Havner joined Public Storage in 1986 and held a variety of senior management positions until his appointment as Vice-Chairman and Chief Executive Officer in 2002. Mr. Havner has been Chairman of Public Storage's affiliate, PS Business Parks, Inc. (PSB), since March 1998 and was Chief Executive Officer of PSB from March 1998 until August 2003. He is also a member of the Board of Governors and the Executive Committee of the National Association of Real Estate Investment Trusts, Inc. (NAREIT), serving as Treasurer and a member of its Audit and Investment Committee. He is also a member of the NYU REIT Center Board of Advisors and a director of Business Machine Security, Inc.
B. Wayne Hughes, age 77, has been a member of the Board of Public Storage since its organization in 1980. Mr. Hughes was President and Co-Chief Executive Officer from 1980 until November 1991 when he became Chairman of the Board and sole Chief Executive Officer. Mr. Hughes retired as Chief Executive Officer in November 2002. Mr. Hughes currently operates a horse farm in Kentucky and is engaged in philanthropic activities. Mr. Hughes has been active in the real estate investment field for over 40 years. He is the father of B. Wayne Hughes, Jr. and Tamara Hughes Gustavson, who are also members of the Public Storage Board. The Hughes family together owns approximately 17% of the outstanding common shares of Public Storage.
Company Information
Public Storage, a member of the S&P 500, The Forbes Global 2000 and FT Global 500, is a fully integrated, self-administered and self-managed real estate investment trust that primarily acquires, develops, owns and operates self-storage facilities. The Company’s headquarters are located in Glendale, California. At June 30, 2011, the Company had interests in 2,054 self-storage facilities located in 38 states with approximately 130 million net rentable square feet in the United States and 189 storage facilities located in seven Western European nations with approximately ten million net rentable square feet operated under the “Shurgard” brand. The Company also owns a 41% common equity interest in PS Business Parks, Inc. (NYSE:PSB) which owned and operated approximately 21.9 million rentable square feet of commercial space, primarily flex, multi-tenant office and industrial space, at June 30, 2011.
Additional information about Public Storage is available on the Internet. The Company’s web site is www.publicstorage.com.