Life Storage Inc. said Chairman Robert Attea and President Kenneth Myszka, both co-founders of the company, will retire from the board following the company's 2018 annual meeting of shareholders.
Myszka will remain involved in the company's operations until his employment agreement expires in 2018, according to a release.
The self-storage real estate investment trust said it signed an agreement with shareholder Land & Buildings Investment Management LLC in connection with the appointment of CEO David Rogers to the board, and Dana Hamilton and Edward Pettinella as independent directors, effective immediately. Under the deal, the shareholder will vote its shares in favor of all the board's nominees, among other things.
Hamilton will become a member of the audit committee, and Pettinella will be joining the nominating and governance committee. Hamilton has served as a director at FelCor Lodging Trust Inc., while Pettinella was former president, CEO and director of Home Properties.
Following the retirement of Attea and Myszka, the company said its board will have eight members, with seven serving as independent directors.
Meanwhile, the board elected Mark Barberio to serve as nonexecutive chairman of the board, following the 2018 annual meeting.