Warehouse Company’s Founder, CEO to Retire

Billionaire Bradley Wayne Hughes is retiring as chief executive of Public Storage Inc., the Glendale company he co-founded 30 years ago and built into the largest owner of self-storage warehouses.

Hughes, 69, will continue as chairman of the board. Ronald Havner, chairman and chief executive of PS Business Parks Inc., will succeed Hughes as Public Storage’s chief executive.

Hughes built Public Storage from a single property in 1972 to a company with interests in 1,407 self-storage facilities across the U.S.

The announcement was made in the company’s third-quarter earnings report. Net income fell to $83.4 million, or 32 cents a share, from $83.6 million, or 41 cents, a year earlier.