Extra Space Storage to bring back founder Woolley

SALT LAKE CITY (AP) -- Extra Space Storage Inc. said Wednesday it is restructuring its management team to bring back its founder and former CEO after a three-year volunteer mission with the Church of Jesus Christ of Latter-day Saints.

Kenneth M. Woolley will return in the third quarter of 2012 as executive board chairman and chief investment officer.

Spencer F. Kirk will continue to serve as CEO and on the board.

The company also announced the termination of Kent W. Christensen from his position as executive vice president and chief financial officer, which was effective Dec. 5. The company said it was a mutually-agreed-upon termination.

Scott Stubbs, the former senior vice president of accounting and corporate controller, has been promoted to executive vice president and chief financial officer. Stubbs has been a member of the senior management team since joining the company in 2000.

The Salt Lake City-based company is a real estate investment trust. It owns 854 self-storage properties in 34 states and Washington, D.C.

Shares fell 1 cent to close at $24.22. Shares are up 39 percent so far this year. They hit a new 52-week high of $24.68 on Monday but settled back down to the closing price of $24.37 by day's end.