Public Storage (PSA, Financial) has announced the appointment of Christopher Sambar as the company's principal operating officer, effective immediately. This strategic move was confirmed by the Board of Trustees on October 30, 2024. Mr. Sambar, who joined Public Storage on October 14, 2024, brings a wealth of experience from his previous roles at AT&T Communications, where he most recently served as President of AT&T Network, overseeing approximately 27,000 employees.
Mr. Sambar's extensive background in operations, business development, financial planning, and corporate strategy is expected to significantly contribute to Public Storage's growth and operational efficiency. In addition to his new role, he has been serving as a director of AST SpaceMobile, Inc. (NASDAQ: ASTS) since June 2024.
As part of his compensation package, Mr. Sambar will receive an initial annual base salary of $800,000. Starting in 2025, he will be eligible for annual cash incentive awards and equity awards, as determined by the Compensation and Human Capital Committee. To align his interests with the company's long-term success, Mr. Sambar has been awarded a make-whole new hire cash bonus of $1,000,000, along with equity awards valued at $2,500,000 in fully vested company common shares and $5,000,000 in time-vesting LTIP Units. These LTIP Units will vest in three equal annual installments.
In line with company policy, Public Storage will enter into an indemnification agreement with Mr. Sambar, similar to those with other executive officers. There are no family ties between Mr. Sambar and any current trustees or executive officers, nor are there any transactions involving Mr. Sambar or his immediate family that require disclosure under current regulations.
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