Extra Space Storage Inc. (NYSE: EXR) announced that Noah Springer, currently serving as president, will become chief executive officer effective January 1, 2027. Current CEO Joe Margolis will retire at the end of 2026 and transition to an advisory role with the company's board of directors.

The board unanimously approved the succession, which the company said follows a long-term planning process. Margolis will continue in his role through December 31, 2026.

Springer joined Extra Space in 2006 and was named Chief Strategy and Partnership Officer in 2020 before being promoted to president on January 1, 2026. During his tenure, he developed the company's third-party management platform, Management Plus, which the company says now operates nearly 2,000 locations. He has also overseen asset management, construction and development, human resources, and operations.

Margolis became CEO in 2017, having previously served as Chief Investment Officer beginning in 2015. During his time as CEO, the company's market capitalization grew from approximately $9 billion to $30 billion, and annual revenue increased from $1.1 billion to $3.5 billion. The company's rentable square footage grew from roughly 100 million to more than 340 million square feet. Margolis also oversaw the acquisition of Storage Express and a merger with Life Storage.

"Noah Springer is ideally prepared and fully ready to lead the Company into the next chapter of its 50-year story," Margolis said in a statement.

As of June 30, 2026, Extra Space operated 4,410 self-storage stores across 42 states and Washington, D.C., comprising approximately 341 million square feet of rentable space.