Public Storage Adds Two Independent Trustees as Elliott Withdraws Board Nominees
January 05 2021 - 6:27AM
Dow Jones News
By Dave Sebastian
Self-storage company Public Storage appointed two independent
trustees to its board and said activist investor Elliott Management
Corp. has withdrawn its board nominees.
The two new trustees at the Glendale, Calif., real-estate
investment trust are Michelle Millstone-Shroff, a former chief
customer experience officer at Bed Bath & Beyond Inc., and
Rebecca Owen, a former executive at Clark Enterprises Inc., the
company said Tuesday. David Neithercut has been named as lead
independent trustee, succeeding Gary Pruitt, who has retired from
the board, the company said.
The appointments came after discussions with shareholders,
including funds advised by Elliott, Public Storage said. The
company, recognizable by its bright orange logo, last month said
Elliott had nominated six directors to Public Storage's board.
Elliott had built a significant stake in Public Storage, The
Wall Street Journal reported last month, though it couldn't be
learned exactly what Elliott was pushing Public Storage's
management to do to boost its stock price, which has stumbled in
the past few years after a decadeslong march upward.
Public Storage and Elliott have entered into an
information-sharing agreement ahead of the company's investor day
on May 3, Public Storage said.
Write to Dave Sebastian at dave.sebastian@wsj.com
(END) Dow Jones Newswires
January 05, 2021 07:12 ET (12:12 GMT)
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