Vivint Smart Home Inc., a home automation company based in Provo, has announced that founder and CEO Todd R. Pedersen has decided to step down as chief executive officer, effective once the board of directors of the company appoints his successor. Pedersen will remain a member of the board of directors.
“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,” said Pedersen. “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.
The company’s board has begun the search process to identify a candidate to replace Pedersen. No timeline was announced.