- Push-out Score determined
- After 22 years in the position
- Praise and thanks for Pedersen
- Search for a successor
- Pedersen said 83 words
(exechange) — Provo, Utah, May 24, 2021 — Todd Pedersen, chief executive of Vivint Smart Home, leaves. As announced by Vivint Smart Home Inc. in a news release and in a regulatory filing published on Monday, May 24, 2021, Todd R. Pedersen leaves his post as chief executive officer at the home-security company after 22 years in the role, effective once the board of directors of the company appoints his successor.
It is the end of an era.
Vivint Smart Home will undertake a search for a successor.
“To pursue my other entrepreneurial goals”
Todd Pedersen’s departure from the CEO post is explained as follows. Pedersen said: “I have decided that after 20 years of building a successful company, it is time for me to pursue my other entrepreneurial goals and devote myself to those investments and businesses.”
Precise information regarding Todd Pedersen’s future plans was not immediately available.
“The company’s board of directors has commenced a deliberate and thoughtful search process to identify a candidate who has the right experience to lead the company into its next phase of growth,” Vivint Smart Home said.
“Step down”
Vivint Smart Home said: “[F]ounder and Chief Executive Officer Todd R. Pedersen has decided to step down as chief executive officer of Vivint Smart Home, effective once the board of directors of the company appoints his successor.”
Share price decline since January 2021
The announcement follows a decline in Vivint Smart Home Inc.’s share price of 33% since January 2021.
Chaired by David F. D’Alessandro
David F. D’Alessandro serves as Vivint Smart Home Inc.’s Chairman.
D’Alessandro has served as a Director of Legacy Vivint Smart Home’s since July 2013 and as a Director and the Chairman of the Company’s Board of Directors since January 2020.
In the position of CEO since 1999
Todd Pedersen became CEO of the Company in 1999.
Pedersen will remain a member of the board of directors.
Pedersen founded Legacy Vivint Smart Home in 1999 and served as Legacy Vivint Smart Home’s President, Chief Executive Officer and Director.
In February 2013, Pedersen relinquished his title as Legacy Vivint Smart Home’s President and remained its Chief Executive Officer and Director.
He has served as the Company’s Chief Executive Officer and Director since January 2020. In 2011, Pedersen founded Vivint Solar and served as its Chief Executive Officer from August 2011 through January 2013.
Pedersen was formerly a director of Vivint Solar.
Pedersen was named the Ernst & Young Entrepreneur of the Year in 2010 in the services category for the Utah Region.
Pedersen attended Brigham Young University.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Todd Pedersen’s move on a scale of 0 to 10.
exechange reached out to Vivint Smart Home and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 22.2021 ($).