Extra Space Storage Inc. announced the planned succession for its executive vice president and chief financial officer, P. Scott Stubbs, who will retire on Dec. 31. Stubbs has spent 25 years in various roles with Extra Space Storage, most recently as the chief financial officer since 2011. Stubbs has been instrumental in the company’s success over the past decades as an integral member of the management team that has grown the company from fewer than 100 stores to more than 4,000 locations today, the company said in a release.
The board of directors of Extra Space Storage has selected Jeff Norman, the company’s current senior vice president of capital markets and treasury, to succeed Stubbs as executive vice president, chief financial officer. Norman will assume the responsibilities of chief financial officer beginning July 1. Stubbs will remain a member of the company’s executive committee until his retirement, and he will continue to work closely with Norman and the company’s finance and accounting functions through Dec. 31.
Norman has been with the company since 2012 and has served on the company’s senior management team since 2014, operating in various roles including director of financing, vice president investor relations, and most recently as senior vice president of capital markets and treasury. Norman was instrumental in establishing the company’s bridge lending platform, Extra Space Capital, as well as its sustainability program. Norman was also central in obtaining and maintaining the company’s public credit ratings and has managed the company’s risk management function since 2022. Prior to joining the company, Norman served for over eight years at Zions Bank’s National Real Estate Group in multiple roles concluding as a vice president. Norman holds a Master’s in Business Administration and a Bachelor’s of Arts in Finance from the University of Utah.
“We congratulate Scott on his upcoming retirement and thank him for his tremendous contributions to Extra Space’s success for over 25 years,” said Joe Margolis, chief executive officer. “Scott has been a constant at Extra Space, advising all three of the company’s CEOs and acting as a key partner to our investors and bankers. Scott has been a significant contributor to our company’s strategy, growth, and the evolution of our solid balance sheet.”
“We are also excited to have Jeff Norman join the executive team, and we have full confidence in his ability to lead our accounting and finance functions,” Margolis said. “Jeff has been a primary contact for our investors, analysts and bankers for over a decade, and he has been intentionally prepared for this transition into his new role at Extra Space.”
The Extra Space Storage team, including Margolis, Stubbs and Norman will be attending and presenting at the REITweek: 2025 Investor Conference in New York, New York, on June 2-5. To schedule time to meet with the team, email investor.relations@extraspace.com.
