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 has withdrawn its board nominees.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.
The company said it also formed an advisory long-term planning committee focused on planning, strategy, growth, capital allocation and capital-structure management. Public Storage President and Chief Executive Joe Russell will chair the committee, it said. The group will initially include Ms. Millstone-Shroff, Ms. Owen, Mr. Neithercut, as well as independent trustees Leslie Heisz and Shankh Mitra, Public Storage said.
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 firstname.lastname@example.org
(END) Dow Jones Newswires