| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On March 1, 2019, David L. Rogers retired as Chief Executive Officer of Life Storage, Inc. (the “Company”) and Joseph V. Saffire succeeded Mr. Rogers as Chief Executive Officer of the Company. Mr. Rogers’ status as a director of the Company remains unchanged. Mr. Rogers’ retirement and Mr. Saffire’s appointment as his successor had been previously announced by the Company on September 12, 2018.
Mr. Saffire, age 49, has served as Chief Investment Officer of the Company since November 1, 2017. Prior to joining the Company, Mr. Saffire served as Executive Vice President and Head of Commercial Banking of First Niagara Bank from April 2014 until September 2016 and served as an Executive Vice President and Head of Global Banking for Europe, the Middle East and Africa of Wells Fargo Bank from 2012 to 2014. Prior to 2012, Mr. Saffire served in various management capacities for over 20 years with HSBC Bank, including serving as Chief Operating Officer and Head of International Corporate and Commercial Banking from 2010 to 2012 and Executive Vice President and Regional President - Corporate and Commercial Banking from 2007 to 2010.
In connection with Mr. Saffire’s appointment as Chief Executive Officer his annual salary has been changed to $525,000 effective March 1, 2019. The other terms of his employment remain unchanged. The Company and Mr. Saffire entered into a letter agreement related to the foregoing which is included herein as Exhibit 10.1, which exhibit is incorporated by reference.
The law firm of Phillips Lytle LLP has represented the Company since its inception and is currently representing the Company and various joint ventures in which the Company has an ownership interest. Mr. Frederick G. Attea, a partner of Phillips Lytle LLP, married Mr. Saffire’smother-in-law in September 2017. Phillips Lytle LLP’s legal fees for services rendered to the Company and to the various joint ventures in which the Company has an ownership interest totaled $2,108,141 in 2018.
| Item 7.01 | Regulation FD Disclosure. |
On February 28, 2019, the Company issued a press release with respect to the matters set forth herein, a copy of which press release is furnished as Exhibit 99.1 to this Report on Form8-K.
The information in this Item 7.01 and Exhibit 99.1 attached hereto is intended to be furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such filing.
