Extra Space Storage (EXR) announced that Chief Executive Officer Joseph D. Margolis will retire at the end of the year. The company's board of directors has appointed current President, W. Noah Springer, to succeed him as CEO as part of a planned leadership transition.
Key Details
- Effective Date: Mr. Margolis' retirement is effective December 31, 2026. Mr. Springer will assume the CEO role and join the board of directors on January 1, 2027.
- Successor: W. Noah Springer, age 47, has been with the company since 2006 and was promoted to President in January 2026.
- Compensation: As CEO, Mr. Springer's new annual base salary will be $850,000, and he will remain eligible for the company's executive compensation program.
- Transition: Mr. Margolis will continue to serve as a director until his retirement, after which he will act as an advisor to the board.