Vivint on Monday announced that its longtime CEO, Todd Pedersen, has decided to step down as CEO of the company, effective once the company’s board of directors appoints a new successor. According to a statement, Pedersen will remain a member of the board.
“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,” Pedersen said. “I am proud of the company’s achievements since Vivint’s founding and remain excited about the performance and outlook as a premier smart home service provider. I believe the company is well positioned for success and I look forward to continuing to contribute to the company’s growth as a member of the board.”
“We thank Todd for his years of dedicated leadership, which have helped Vivint grow from a small security systems company into an integrated smart home provider with strong operations, a resilient business plan and an attractive financial model. We are pleased that he will remain on as CEO until the board has identified a new leader,” said David F. D'Alessandro, Vivint’s chairman of the board of directors.
Vivint, which was originally known as APX Alarm, was founded by Pedersen in 1999. The company began as a small, regional installer of security systems but over the years has grown to become one of the nation’s largest providers of smart home security technology.
The company was rebranded as Vivint in early 2011 to reflect this mission of becoming a comprehensive home technology services provider and was subsequently acquired in late 2012 by private equity firm Blackstone for more than $2 billion.
In January 2020, Vivint merged with Mosaic Acquisition Corp., a special purpose acquisition company (SPAC) and launched an initial public offering on the New York Stock Exchange. The transaction was one of the largest U.S. SPAC mergers ever with an enterprise value of $4.2 billion.
