Joseph Saffire
About Joseph V. Saffire
Independent director of Extra Space Storage (EXR), age 55, serving since July 2023. Former CEO of Life Storage (2019–July 2023), with prior senior banking roles at First Niagara (EVP, Head of Commercial Banking), Wells Fargo (EVP, Head of Global Banking EMEA, 2012–2014), and HSBC (COO/Head of International Corporate & Commercial Banking in Germany, 2010–2012). Education: MBA (University at Buffalo) and BS in Finance (Boston College). Selected for deep self‑storage operational strategy and public company executive experience, including investor relations .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Life Storage Inc. | Chief Executive Officer | Mar 2019–Jul 2023 | Led public company; operational strategy |
| Life Storage Inc. | Chief Investment Officer | Prior to CEO | Capital allocation, investment oversight |
| First Niagara Bank | EVP, Head of Commercial Banking | Not disclosed | Regional commercial banking leadership |
| Wells Fargo Bank | EVP, Head of Global Banking (EMEA) | 2012–2014 | Oversight across Europe, Middle East, Africa |
| HSBC Bank (Germany) | COO & Head of International Corporate & Commercial Banking | 2010–2012 | Operations and international banking leadership |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Broadstone Net Lease Inc. | Director | Current | Public REIT board experience |
| Life Storage Inc. | Director | Prior | Storage REIT governance experience |
Board Governance
| Attribute | Detail | Source |
|---|---|---|
| Independence | Independent director | |
| Committee assignments | None listed for 2024 (no Audit/Comp/Nominating seats) | |
| Years of service | 2 years (joined July 2023) | |
| Attendance | Each director attended at least 90% of board/committee meetings (five held in 2024) | |
| Annual meeting attendance | All then‑current directors attended the 2024 Annual Meeting | |
| Governance guardrails | Hedging prohibited; pledging limited to holdings above guidelines with Compensation Committee approval | |
| Board refreshment context | Four of ten directors added in last five years |
Fixed Compensation
| Component | 2024 Amount | Notes |
|---|---|---|
| Director cash fees | $67,500 | Prorated; directors joining post‑Life Storage merger did not receive cash retainer until after May 23, 2024 |
| Stock awards (grant‑date fair value) | $200,000 | 1,402 common shares granted May 23, 2024; vest on first anniversary |
| Dividends on unvested stock | $6,814 | Cash dividends paid on unvested restricted shares |
| Total | $274,314 | Sum of components |
Director retainer schedule effective May 23, 2024:
- Chairman: $340,000 cash; Director: $90,000; Lead Independent Director supplement: $35,000; Audit Chair: $30,000; Compensation Chair: $25,000; Nominating/Governance Chair: $20,000; Non‑chair committee member: $10,000 .
- Annual equity: $200,000 in common shares at grant (vest in one year) .
Performance Compensation
| Director Equity Awards | Performance Metrics | Vesting | Notes |
|---|---|---|---|
| Restricted common stock | None (time‑based) | 1 year from grant date | Annual grant aligns director interests; dividends paid on unvested stock |
No performance‑based director equity (e.g., PSUs) is disclosed for non‑employee directors; director equity is time‑based .
Other Directorships & Interlocks
| Aspect | Detail |
|---|---|
| External public boards | Broadstone Net Lease Inc. (current); Life Storage Inc. (prior) |
| Compensation Committee interlocks | None existed in 2024 between EXR board/Comp Committee members and EXR executive officers; all Comp Committee members independent |
Expertise & Qualifications
- Self‑storage operations and strategy; public company executive experience; investor relations .
- Senior banking/international corporate banking leadership (First Niagara, Wells Fargo EMEA, HSBC Germany) .
- Education: MBA (University at Buffalo); BS in Finance (Boston College) .
Equity Ownership
| Category | Shares | Date/Context |
|---|---|---|
| Beneficial ownership | 43,745 | As of March 24, 2025; <1% of class |
| Restricted stock (unvested) | 1,402 | Granted May 23, 2024; unvested at Dec 31, 2024 |
| Ownership guidelines | Directors must hold equity equal to 5× annual cash board retainer within 5 years; all directors either met or have time to comply | |
| Hedging/pledging | Hedging prohibited; pledging allowed only above guideline compliance and with Compensation Committee approval | |
| Subsequent award | +1,375 shares granted May 21, 2025; beneficially owned 45,120 shares following the award |
No pledges disclosed for Saffire in the ownership table; pledging footnotes pertain to other directors (e.g., Woolley) .
Insider Trades (EXR)
| Date | Type | Shares | Price | Value | Source |
|---|---|---|---|---|---|
| 2023‑12‑12 | Sale | 10,000 | $139.32 | ~$1.39M | |
| 2023‑12‑13 | Sale | 15,000 | $142.98 | ~$2.14M | |
| 2023‑12‑14 | Sale | 25,000 | $154.10 | ~$3.85M | |
| 2025‑05‑21 | Stock award (grant) | 1,375 | $145.41 | Grant |
Note: The 2025 Form 4 reflects routine annual director equity award and updated beneficial ownership of 45,120 shares post‑grant .
Governance Assessment
- Independence and attendance: Independent with ≥90% attendance and full annual meeting participation; signals strong engagement and board effectiveness .
- Committee footprint: No committee seats in 2024; reduces potential conflicts associated with compensation or audit oversight but limits direct committee influence .
- Ownership alignment: Annual $200k equity grants, stock ownership guidelines (5× cash retainer within 5 years), and hedging prohibitions support alignment; no pledges disclosed for Saffire in ownership table .
- Interlocks/conflicts: No compensation committee interlocks in 2024; Saffire’s prior Life Storage leadership provides expertise for post‑merger integration, with no related‑party transactions disclosed in available sections reviewed .
- Signals to monitor:
- December 2023 multi‑day sales totaling ~50,000 shares post‑board appointment may reflect diversification/liquidity; continue monitoring insider activity and future equity guideline compliance .
- Routine equity award in May 2025 consistent with director program; time‑based vesting (not performance‑based) .
RED FLAGS: None evident from proxy regarding attendance or committee interlocks; insider selling cluster in Dec‑2023 warrants monitoring for ownership guideline adherence and future pledging/hedging compliance .