Extra Space Storage Promotes 2 Executives
- Mar 16, 2020
Extra Space Storage has promoted two of its executives following the retirement of Executive Vice President & Chief Marketing Officer James Overturf, who has worked for the company for 21 years. Samrat Sondhi will replace Mr. Overturf, while Matthew Herrington will take over Sondhi’s responsibilities. The changes are effective June 30.
The company’s board of directors has appointed Sondhi to be the new chief marketing officer. Currently serving as executive vice president & chief operations officer, he has been a part of the firm’s executive team since 2014. Previously, he served as senior vice president of revenue management. Sondhi joined the company in 2005, following Extra Space Storage’s acquisition of Storage USA, where he served as vice president. Sondhi has earned an MBA from Carnegie Mellon University and a bachelor’s degree in electronics from Pune University, India.
Sondhi will be passing the torch to Herrington, who has served as senior vice president of operations for the past five years. Herrington joined the company in 2007 and has held roles such as divisional vice president and senior district manager. He has earned a Master of Science degree in management from Baker University and a bachelor’s degree in business administration from University of Nebraska – Kearney.
Extra Space Storage’s appointments come at a time when self storage rents are recovering from the negative impact of new completions. In February, rent prices for standard 10×10 non-climate-controlled units dropped 0.9 percent over the previous month, an 80 basis points improvement compared to January’s 1.7 percent decline. Additionally, rents decreased 2.3 percent for climate-controlled units of the same size, 70 basis points below the previous month’s 3.0 percent drop, according to Yardi Matrix.