Extra Space Storage (EXR) said Monday that Chief Financial Officer P. Scott Stubbs will retire on Dec. 31, after 25 years with the company, including 14 years as CFO.

The company said its board appointed Jeff Norman, currently senior vice president of capital markets and treasury, to succeed Stubbs as CFO effective July 1.

Stubbs will remain on the executive committee and work closely with Norman and the finance team through the end of the year to ensure a smooth transition, it added.

Shares of the company fell 2.2% in recent premarket activity.