Red Dot Storage, which operates 144 self-storage properties in 16 states, named Chuck James CEO in January. James joined the company in 2017 as chief operating officer (COO) and became president and COO last August. He’ll takeover CEO duties from company founder Seth Bent, who has moved into the new role a chief strategy officer (CSO). As CEO, James will focus on “unveiling value and streamlining workflow,” according to a press release.
"In partnership with our board, this succession plan kicked off six months ago, and I could not be more pleased to announce its completion. Chuck has been integral in refining Red Dot’s operating platform and leading our nationally recognized company culture,” Bent said. “CEO succession is a big step for any company; however, this process will be seamless for our investors, employees and customers, as Chuck is already intimately involved in every aspect of the business."
“To have the confidence of a founder as gifted at strategy and vision as Seth is humbling. I am honored to lead Red Dot through this next exciting chapter,” added James. “Seth’s vision has come to fruition, and it is our goal as a team to continue our success of using this platform to consolidate the industry and beyond.”
As CSO, Bent will continue to oversee acquisitions and company strategy. Under his guidance, Red Dot employs more than 80 in-house staff members and continues to expand its property portfolio nationwide.
"I believe the strategy of aggregating assets across fragmented markets and maximizing value through the use of automation technology is much bigger than where we are today,” Bent said. “By stepping back from the day-to-day operations at Red Dot, I intend to expand the platform into new vertical and logical, ancillary opportunities.”
Red Dot Storage is the operating brand for Sparkplug Capital LLC, which was launched in 2013. The portfolio comprises more than 5.4 million net rentable square feet.