Extra Space Storage Announces Leadership Transition for CFO Role

Executive Leadership Transition at Extra Space Storage

Extra Space Storage Inc. has recently disclosed significant changes within its executive team. Scott Stubbs, the esteemed Chief Financial Officer (CFO), is set to retire after a commendable tenure of 25 years, with his departure effective December 31, 2025. This strategic leadership transition is crucial as the company charts its future direction amidst a competitive and evolving market.

A Legacy of Accomplishments

Since joining Extra Space Storage, Scott Stubbs has been pivotal in the company’s exponential growth. Starting with fewer than 100 stores, his efforts have contributed to transforming the organization into a major player with over 4,000 locations across the United States. Serving as CFO since 2011, Stubbs has overseen financial strategies that have fortified the company’s market position and fostered investor relations.

As Joe Margolis, the CEO of Extra Space Storage, expressed, "Scott has been a linchpin at Extra Space, advising multiple CEOs and providing invaluable insights to our investors and banking partners. His contributions have been integral to shaping our growth trajectory and financial stability."

Jeff Norman: A Natural Successor

With the impending retirement of Stubbs, Extra Space Storage's Board of Directors has appointed Jeff Norman as the new Executive Vice President and CFO. Norman, who currently serves as the Senior Vice President of Capital Markets and Treasury, will officially transition into his new role on July 1, 2025. His extensive experience within the company, which began in 2012, positions him as an ideal candidate to lead the finance department into the future.

Norman has played a vital role in several key initiatives, including the establishment of Extra Space Capital, a bridge lending platform to support growth. His leadership in developing the company’s sustainability efforts and maintaining public credit ratings has been commendable. Norman holds both a Master's in Business Administration and a Bachelor's degree in Finance from the University of Utah, showcasing his solid educational background.

Continuing the Legacy

As the company navigates through this transition, Scott Stubbs will maintain his involvement with the executive committee, working closely alongside Norman and the finance team until his retirement date. This collaborative effort is set to ensure a seamless transition and continued adherence to the company's financial objectives.

Both Stubbs and Norman will attend the noteworthy REITweek 2025 Investor Conference in New York from June 2-5, 2025, providing an opportunity for stakeholders to engage with them directly about the company's future.

Conclusion

Extra Space Storage Inc. stands as a leader in the self-storage industry, boasting over 4,099 self-storage facilities and approximately 315 million square feet of rentable space. As they embark on this new chapter with Jeff Norman stepping into the CFO role, the company is poised to continue its momentum and capitalize on future growth opportunities. The leadership transition symbolizes not just a change in personnel, but also a commitment to sustaining the performance and innovation that Extra Space has become known for in the storage solutions market.