Glendale’s Public Storage and PS Business Parks Inc. have named new leaders of the two commercial real estate investment trusts.
Public Storage, a REIT focused on self-storage facilities, has named Joseph Russell Jr., 56, as president, effective July 1. He is taking over the job from Chief Executive Ronald Havner Jr., who has been serving also as president. Russell is currently chief executive of PS Business Parks and has been in the position since 2003, a year after he joined the company. Russell will continue as a member of the board of directors of PS Business Parks. Public Storage owns a 42 percent common equity interest in PS Business Parks.
Taking over for Russell as chief executive of PS Business Parks will be Maria Hawthorne, effective July 1, who will also serve on the board of directors. Hawthorne currently serves as president and has held the position since August 2015. She has been with the company for more than 30 years. Her prior roles included executive vice president and chief administrative officer.
The companies announced the changes late Friday. Shares of Public Storage closed Monday down 39 cents or a fraction of 1 percent to $240.95 on the New York Stock Exchange. Shares of PS Business Parks closed Monday up 26 cents or a fraction of 1 percent to $102.84 on the New York Stock Exchange.