SALT LAKE CITY — Extra Space Storage Inc. announced that Spencer F. Kirk will retire as the company's CEO effective Dec. 31.
Joseph D. Margolis will succeed Kirk effective Jan. 1. 2017.
Kirk will continue to serve on the company's board of directors while devoting more attention to his nonprofit foundation, Kirk Humanitarian.
Margolis, the company's chief investment officer since July 2015, had been a member of the company's board of directors from since 2005. Prior to joining Extra Space Storage, Margolis served as senior managing director and partner at Penzance Properties in the Washington, D.C., metro area.
Previously, he was a co-founding partner of Arsenal Real Estate Funds from 2004 through 2011. Before forming Arsenal, Margolis held senior positions at Prudential Real Estate Investors from 1992 to 2004 in portfolio management, capital markets and as general counsel. He is a graduate of Harvard and Columbia University School of Law.