CubeSmart announces COO Joel Keaton's retirement, promoting Amy Cross and Guy Middlebrooks to new executive roles.
Quiver AI Summary
CubeSmart announced the retirement of Chief Operating Officer Joel Keaton, effective April 30, 2025, after nearly 15 years with the company. To ensure a smooth transition, Keaton will serve as a consultant post-retirement. Promoted to fill his role are Amy Cross as Executive Vice President for Technology, Data Science, and Marketing, and Guy Middlebrooks as Executive Vice President for Operations. Cross has been pivotal in transforming CubeSmart’s IT and data practices, while Middlebrooks has extensive experience growing the managed portfolio. CEO Christopher Marr praised Keaton's contributions and expressed confidence in Cross and Middlebrooks's capability to drive the company's future growth. CubeSmart, a leading self-storage REIT, operates 1,528 properties across the U.S., focused on offering innovative storage solutions and exceptional service.
Potential Positives
- The promotion of Amy Cross and Guy Middlebrooks to executive positions highlights CubeSmart's commitment to internal talent development and continuity in leadership.
- The transition plan, including Mr. Keaton's continued consultancy role, suggests a focused approach to leadership change, aiming to maintain stability and strategic direction.
- CubeSmart's strong market position as one of the top three owners and operators of self-storage properties in the U.S. is reinforced through its leadership succession planning, which aims to support ongoing growth and customer service excellence.
- The company emphasizes its mission to enhance customer experience through innovative solutions, which may strengthen its reputation and operational effectiveness in the self-storage industry.
Potential Negatives
- Joel Keaton's retirement could signal potential instability in leadership and strategy, which may concern investors and stakeholders about the company's future direction.
- The transition process may disrupt ongoing projects and operations, as new executives take on significant responsibilities; this could impact company performance in the near term.
- The announcement implies reliance on internal promotions rather than external hires, which may limit fresh perspectives and innovative strategies that could be beneficial for the company's growth.
FAQ
Who is retiring from CubeSmart?
Joel Keaton, the Chief Operating Officer, will retire effective April 30, 2025.
What leadership changes are happening at CubeSmart?
Amy Cross will become Executive Vice President, Technology, Data Science, and Marketing, and Guy Middlebrooks will be promoted to Executive Vice President, Operations.
What will Joel Keaton do after retirement?
After retiring, Joel Keaton will serve as a consultant to CubeSmart to ensure a smooth transition.
How many self-storage properties does CubeSmart manage?
CubeSmart owns or manages 1,528 self-storage properties across the United States.
What is CubeSmart's mission?
CubeSmart's mission is to simplify organizational and logistical challenges through innovative solutions and unparalleled customer service.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$CUBE Insider Trading Activity
$CUBE insiders have traded $CUBE stock on the open market 7 times in the past 6 months. Of those trades, 0 have been purchases and 7 have been sales.
Here’s a breakdown of recent trading of $CUBE stock by insiders over the last 6 months:
- CHRISTOPHER P MARR (CEO) has made 0 purchases and 2 sales selling 74,906 shares for an estimated $3,637,155.
- JOEL D KEATON (COO) sold 43,478 shares for an estimated $2,085,848
- TIMOTHY M MARTIN (CFO) sold 30,765 shares for an estimated $1,507,974
- JENNIFER SCHULTE (Chief Human Resources Officer) sold 15,942 shares for an estimated $837,919
- JEFFREY P FOSTER (CLO & Secretary) sold 7,739 shares for an estimated $366,084
- MATTHEW D DENARIE (Chief Accounting Officer) sold 868 shares for an estimated $46,559
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$CUBE Hedge Fund Activity
We have seen 218 institutional investors add shares of $CUBE stock to their portfolio, and 184 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- TRUIST FINANCIAL CORP removed 1,711,167 shares (-65.6%) from their portfolio in Q3 2024, for an estimated $92,112,119
- FMR LLC removed 1,465,577 shares (-8.2%) from their portfolio in Q3 2024, for an estimated $78,892,009
- BLACKROCK, INC. added 1,327,111 shares (+4.9%) to their portfolio in Q3 2024, for an estimated $71,438,385
- CAPITAL WORLD INVESTORS added 1,034,752 shares (+inf%) to their portfolio in Q3 2024, for an estimated $55,700,700
- JPMORGAN CHASE & CO removed 867,687 shares (-18.0%) from their portfolio in Q3 2024, for an estimated $46,707,591
- BALYASNY ASSET MANAGEMENT L.P. removed 842,708 shares (-42.6%) from their portfolio in Q3 2024, for an estimated $45,362,971
- PRICE T ROWE ASSOCIATES INC /MD/ added 829,176 shares (+13.9%) to their portfolio in Q3 2024, for an estimated $44,634,544
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
MALVERN, Pa., Jan. 17, 2025 (GLOBE NEWSWIRE) -- CubeSmart (NYSE: CUBE) announced today that Joel Keaton, Chief Operating Officer, will retire effective April 30, 2025. In connection with Mr. Keaton’s planned retirement, the Company is promoting proven leaders to assume his responsibilities. Following his retirement, Mr. Keaton will serve as a consultant to CubeSmart to ensure a smooth transition.
In connection with Joel’s retirement, we are pleased to announce the following leadership changes:
- Amy Cross will be promoted to Executive Vice President, Technology, Data Science, and Marketing. Ms. Cross currently serves as Senior Vice President, Information Technology and Revenue Management. She has been with the Company for six years and has led the transformation of CubeSmart’s IT function, as well as the evolution of its data-driven operational platform. Prior to joining CubeSmart, Ms. Cross was Vice President of Digital Technology and Strategy at Aramark. Ms. Cross will report to President and Chief Executive Officer Christopher Marr.
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Guy Middlebrooks will be promoted to Executive Vice President, Operations.
Mr. Middlebrooks currently serves as Senior Vice President, Third Party Management, and he has been instrumental in growing CubeSmart’s managed portfolio over the last decade. During his 19 years with the company, he has also served as a District Manager and Director of Operations. In his new role, he will oversee the Company’s field operations organization in addition to third party management and store transitions. Mr. Middlebrooks will also report to Mr. Marr.
“On behalf of the Board and our entire CubeSmart team, I congratulate Joel on his successful career – including his nearly 15 years at our company – and thank him for his strategic guidance and innumerable contributions to CubeSmart’s growth and success,” said Mr. Marr. “We are proud to have cultivated such a deep bench of talent across the organization and know that Amy and Guy have the right skills and experience to continue advancing our strategy, refine our industry-leading platform, exceed the expectations of customers and grow our business. I am confident CubeSmart is poised for continued value creation both near-term and for decades to come.”
“I am grateful to have been a part of the CubeSmart team and extremely proud of what we have accomplished during my time at the Company – including streamlining our operations, refining our digital platforms and improving the overall customer experience,” said Mr. Keaton. “I look forward to working closely with the leadership team to ensure a seamless transition and maintain and build on CubeSmart’s position at the forefront of the self-storage industry.”
About the Company
CubeSmart is a self-administered and self-managed real estate investment trust. CubeSmart owns or manages 1,528 self-storage properties across the United States. According to the 2024 Self Storage Almanac, CubeSmart is one of the top three owners and operators of self-storage properties in the U.S.
The Company’s mission is to simplify the organizational and logistical challenges created by the many life events and business needs of its customers through innovative solutions, unparalleled service, and genuine care. The Company's self-storage properties are designed to offer affordable, easily accessible, and, in most locations, climate-controlled storage space for residential and commercial customers.
For more information about business and personal storage or to learn more about the Company and find a nearby storage facility, visit www.cubesmart.com or call CubeSmart toll free at 800-800-1717.
Company Contact:
CubeSmart
Josh Schutzer
Vice President, Finance
610-535-5700