Extra Space Storage CEO to Step Down

The board has already chosen another member of the executive leadership team to take over the role.
Spencer Kirk

Spencer Kirk

Salt Lake City—Self-storage REIT Extra Space Storage announced that Spencer Kirk will step down as CEO of the company, effective Jan. 1, 2017. He will continue to serve on the company’s board while also dedicating time to his non-profit foundation, Kirk Humanitarian. His successor is Joe Margolis, the company’s current chief investment officer.

Kirk has served as CEO for the past seven years. He was also company chair from 2009 to 2012 and president since 2007. Prior to joining the company in 2004, he co-founded computer switch and modem manufacturing company Megahertz Corp. in 1985, which he sold to USRobotics Corp. in 1995. Kirk holds a B.A. in finance and an MBA from the University of Utah.

A graduate of Harvard College and Columbia University School of Law, Margolis was appointed CIO & EVP of Extra Space Storage in July 2015. Previously, he served as a member of the board for more than a decade. His track record also includes leading positions with Penzance Properties, Arsenal Real Estate Funds, Prudential Real Estate Investors and The Prudential Insurance Company of America.

“(Margolis) has been intimately involved with Extra Space Storage since 1998. We are confident that Joe brings the right balance of real estate expertise and leadership skills to take Extra Space through its next phase of growth,” said Ken Woolley, founder & executive chairman of Extra Space Storage, in prepared remarks.

Image courtesy of extraspace.com