Public Storage President Joe Russell will become CEO of the company on Jan. 1, 2019, in addition to his current position as president, replacing Ron Havner, who has been CEO since 2002.
Additionally, Tom Boyle has been appointed CFO, replacing John Reyes, who will join the board of trustees.
Russell will also join the board, and Havner will remain chairman.
The self-storage real estate investment trust made other organizational changes and promotions.
Steven Lentin has been promoted to COO after serving as divisional manager for the company's Southeast markets.
Meanwhile, John Sambuco and Peter Panos, who serve as executive vice presidents, operations, were promoted to the roles of president of asset management and president of third-party management, respectively.