- Push-out Score determined
- After almost seven years in the position
- Accolades, praise and thanks for Nordhagen
- Tammy Fischer taking over
- Nordhagen will remain as Executive Chairman at National Storage
- Nordhagen said 102 words
(exechange) — Greenwood Village, Colorado, May 23, 2019 — Arlen Nordhagen, chief executive of National Storage, leaves his post. His departure is made public at an early stage. As announced by National Storage Affiliates Trust in a news release and in a regulatory filing published on Thursday, May 23, 2019, Arlen D. Nordhagen leaves his post as Chief Executive Officer at the real estate investment trust after almost seven years in the role, effective January 1, 2020.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 7.8 years, according to data compiled by exechange.
Arlen Nordhagen’s duties will be taken over by Tamara D. (Tammy) Fischer, currently President and Chief Financial Officer of National Storage Affiliates Trust.
Arlen Nordhagen’s departure from the CEO post is explained as follows. National Storage said: “As part of this planned transition of responsibilities, effective January 1, 2020, Tamara Fischer will be appointed Chief Executive Officer, in addition to her current role as President. She will join the Board of Trustees on the same date.”
Nordhagen will remain as Executive Chairman at National Storage
“National Storage Affiliates Trust … today announced its Board of Trustees has elevated Arlen Nordhagen, Chairman, Chief Executive Officer and founder, to Executive Chairman, effective January 1, 2020,” National Storage said.
National Storage said: “[E]ffective January 1, 2020, Arlen D. Nordhagen, the Company’s current chairman of the board of directors and chief executive officer, will resign from his position as chief executive officer and be elevated to the position of executive chairman and Ms. Fischer will resign from her positions as chief financial officer, treasurer and secretary.”
Share price increase since August 2015
The announcement follows an increase in National Storage Affiliates Trust’s share price of 145 percent since August 2015.
In the position of CEO since 2013
Arlen Dale Nordhagen is a Co-Founder of National Storage Affiliates Trust and has been its Chief Executive Officer since May 6, 2013 and Chairman of the Board of Trustees since 2015.
Nordhagen is the founder of the Company and has served as the Company’s chief executive officer since inception and chairman since the closing of the Company’s IPO in April 2015.
Prior to the closing of the Company’s IPO, he was the chairman of the board of managers of the Company’s sole trustee.
He has also served as president and chief executive officer of SecurCare Self Storage, Inc. (“SecurCare”), one of the Company’s participating regional operators (“PROs”), from 2000 to 2014.
He co-founded SecurCare in 1988, is a majority owner and currently serves as its chairman.
Since Nordhagen became president of SecurCare in 1999, the company rapidly grew to over 150 self storage properties.
In addition, Nordhagen was a founder of MMM Healthcare, Inc., the largest provider of Medicare Advantage health insurance in Puerto Rico.
He has also served as managing member of various private investment funds and held various managerial positions at DuPont and Synthetech, Inc.
Nordhagen graduated with high distinction from Harvard University with a masters in business administration and graduated summa cum laude from the University of North Dakota with a bachelor of science degree in chemical engineering.
Nordhagen has over 25 years of experience in the self storage industry.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to National Storage and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 21.2019 ($).