Extra Space Storage will transition to President Noah Springer as CEO on January 1, 2027, after Joe Margolis retires at the end of 2026. The company’s board unanimously approved the succession plan, with Margolis continuing as an adviser and Springer taking the top role after two decades with Extra Space Storage.
Key Takeaways
- Noah Springer will become Extra Space Storage CEO on January 1, 2027.
- Joe Margolis will retire as CEO on December 31, 2026, and serve as an adviser to the board.
- The board approved the transition after a long-term succession planning process.
- Springer joined Extra Space Storage in 2006 and became president in January 2026.
- Margolis has served as CEO since 2017 and oversaw substantial growth in stores, rentable space and revenue.
Extra Space Storage Names Noah Springer as Next CEO
The Extra Space Storage CEO succession plan will put Noah Springer in charge of the company on January 1, 2027, following Joe Margolis’ retirement. Margolis will remain involved as an adviser to Extra Space Storage’s Board of Directors after completing his tenure as chief executive on December 31, 2026.
The board unanimously approved the leadership transition. Extra Space Storage said the decision followed a long-term succession planning process.
Margolis will continue serving as CEO through the end of 2026. He and Springer will work with the board during the transition period before Springer formally assumes the position.
Springer currently serves as president of Extra Space Storage. He moved into that position on January 1, 2026, after serving as the company’s chief strategy and partnership officer.
His appointment places an executive with extensive experience across Extra Space Storage’s operations, strategy and partnerships in the CEO role.
The leadership change follows a defined internal succession process rather than an immediate departure. A similar approach has been examined in succession planning as a business discipline, including the preparation of leadership talent before a senior executive leaves.
Springer joined the company in 2006. During his tenure, he developed and led Management Plus, Extra Space Storage’s third-party management platform, which operates at almost 2,000 locations.
His responsibilities have also included asset management, construction and development, human resources and operations. He has worked across areas of the business that will be relevant to the company’s leadership and operating strategy under the new CEO.
Joe Margolis Sets Retirement at End of 2026
Margolis will retire after serving as Extra Space Storage’s chief executive since 2017. He began working with the company in 1998 through a joint venture partnership and later joined its Board of Directors in 2005.
Before becoming CEO, Margolis served as chief investment officer beginning in 2015. His move into the CEO position followed years of involvement with the company and its operations.
During his tenure as chief executive, Extra Space Storage expanded its store count from about 1,400 locations to more than 4,400. The company also increased its rentable space from approximately 100 million square feet to more than 340 million square feet.
Extra Space Storage reported annual revenue of $3.5 billion, compared with $1.1 billion when Margolis became CEO. The company’s market capitalization also increased from approximately $9 billion to $30 billion during his tenure.
Margolis oversaw several major transactions while serving as CEO, including the acquisition of Storage Express and the company’s merger with Life Storage.
He will remain connected to Extra Space Storage after retirement as an adviser to the board. The arrangement provides for continued involvement during the leadership transition while Springer prepares to take full responsibility for the CEO position.
Margolis said Springer is prepared to lead the company into its next chapter. He also credited Springer with contributions made during his 20 years at Extra Space Storage.
Springer Brings Two Decades of Extra Space Experience
Springer has spent two decades at Extra Space Storage, giving him experience across several business functions before his appointment as CEO.
He became chief strategy and partnership officer in 2020. In that position, he was responsible for strategic and partnership-related activities before moving into the presidency in 2026.
Management Plus has been a major part of Springer’s executive responsibilities. He developed and led the platform, which provides third-party management services for self-storage properties.
The platform now covers almost 2,000 locations, according to Extra Space Storage. Springer’s responsibilities also expanded into asset management, construction and development, human resources and operations.
His executive background includes work with both public and private storage operators. Extra Space Storage said Springer has focused on collaboration involving the company’s people, customers and partnership operations.
Springer said he had the opportunity to learn from three previous Extra Space Storage CEOs: Margolis, Spencer Kirk and Ken Woolley. He described that experience as an important part of his preparation for the CEO role.
Springer said his priorities will include advancing the company’s strategy, culture and long-term growth while continuing its mission of serving customers and building careers for employees.
The internal appointment also follows a pattern seen in other corporate leadership changes, where boards have selected executives with existing knowledge of the organization. Recent reporting on senior executive development has examined the preparation of executives for future C-suite responsibilities.
Springer’s Executive Responsibilities
Springer’s responsibilities before becoming CEO covered several operational and strategic areas. His work included asset management, construction and development, human resources, operations and the company’s third-party management platform.
His progression from chief strategy and partnership officer to president preceded the scheduled CEO transition. That progression gives Springer direct experience in multiple areas of Extra Space Storage’s business before taking the top executive position.
Margolis Led Major Expansion During CEO Tenure
Extra Space Storage expanded substantially during Margolis’ time as CEO. Store count increased from about 1,400 locations to more than 4,400, while rentable square footage grew from approximately 100 million to more than 340 million square feet.
The company also reported that annual revenue increased from $1.1 billion to $3.5 billion during his tenure. Its market capitalization rose from approximately $9 billion to $30 billion over the same period.
Margolis was also involved in major corporate transactions that expanded the company’s operations. Those transactions included the acquisition of Storage Express and the merger with Life Storage.
The Life Storage transaction was among the major corporate developments during Margolis’ leadership. Extra Space Storage also continued operating and expanding its third-party management activities during the same period.
Ken Woolley, Extra Space Storage’s founder and chairman of the board, credited Margolis with helping expand the company while maintaining its operating structure and company culture.
Woolley also said Margolis had helped develop a deep group of leaders within the self-storage industry. The board selected Springer as his successor after the succession planning process.
Margolis will remain available to the board as an adviser after leaving the CEO position.
Board Plans Leadership Continuity Through 2027
The board’s unanimous approval establishes January 1, 2027, as the date for the leadership change. Margolis will remain CEO until December 31, 2026, creating a defined handoff period between the outgoing and incoming chief executives.
Extra Space Storage described the process as the result of long-term succession planning. Springer’s existing position as president also places him within the company’s senior leadership structure before the transition.
Extra Space Storage operates as a self-administered and self-managed real estate investment trust headquartered in Salt Lake City, Utah. As of June 30, 2026, it owned or operated 4,410 self-storage stores across 42 states and Washington, D.C.
Those properties represented approximately 3 million units and 341 million square feet of rentable space.
Springer will therefore assume leadership of a company with a large national operating footprint and an established third-party management platform. His previous responsibilities include several functions directly connected to that operating structure.
The leadership change is scheduled to take place at the start of 2027. Margolis will move into an advisory role, while Springer will assume responsibility for the company as CEO.
Frequently Asked Questions
Who will become Extra Space Storage’s next CEO?
Noah Springer will become CEO of Extra Space Storage on January 1, 2027. He currently serves as president and has worked for the company since 2006.
When will Noah Springer become CEO of Extra Space Storage?
Springer will formally become CEO on January 1, 2027. Joe Margolis will serve as CEO through December 31, 2026.
When is Joe Margolis retiring as CEO?
Joe Margolis will retire from the CEO position at the end of December 2026. He will continue serving Extra Space Storage as an adviser to the company’s Board of Directors.
How long has Noah Springer worked at Extra Space Storage?
Springer joined Extra Space Storage in 2006. He became chief strategy and partnership officer in 2020 and was promoted to president on January 1, 2026.
How long has Joe Margolis served as Extra Space Storage CEO?
Margolis has served as CEO since 2017. Before becoming CEO, he joined the company’s Board of Directors in 2005 and became chief investment officer in 2015.
