Richard Reese to Assume Role of Executive Chairman; Succession Set for June
2008
BOSTON, Feb. 28 /PRNewswire-FirstCall/ -- Iron Mountain Incorporated
(NYSE: IRM), the global leader in information protection and storage
services, today announced that Bob Brennan, the Company's President and
Chief Operating Officer, will succeed Richard Reese as Iron Mountain's
Chief Executive Officer. Reese notified the Company's Board of Directors
("Board") of his intention to step down as CEO, a position he has held
since December 1981, at Iron Mountain's Annual Meeting of Stockholders on
June 5, 2008 to become the Company's first Executive Chairman of the Board.
Brennan will continue in his role as President, and will report directly to
the Board. The Board also announced its intention to nominate Brennan to
stand for election to the Board at the Annual Meeting in June.
(Photo: http://www.newscom.com/cgi-bin/prnh/20080228/NETH034 )
"This transition represents a natural evolution of the senior
leadership at Iron Mountain. I have been discussing a succession plan with
the Board and I feel that now is the appropriate time to implement it. Bob
has been a leading candidate for the CEO position since he joined the
Company in 2004," Reese said. "He has a strong background in technology and
logistics and an excellent track record of building successful senior
executive teams. Bob has proven himself as a strong leader within our
Company and is committed to enhancing our culture and driving long-term
success at Iron Mountain. I am confident that Bob's appointment as CEO will
enhance our ability to pursue our strategic agenda."
Brennan, 47, joined Iron Mountain as President of North America in
November 2004 in connection with the Company's acquisition of Connected
Corporation, where he served as Chairman and CEO. He was named President
and Chief Operating Officer in December 2005. "Bob emerged as the leading
candidate to fill this position shortly after joining the Company and has
effectively been transitioning into this role for the past two years,"
continued Reese. "He has all the characteristics the Board and I were
looking for in Iron Mountain's next CEO. He has learned the business very
quickly from the inside, he's a great leader who cares deeply about the
employees and customers and he always 'flies the mission.'"
"I have tremendous respect for what Richard and the Iron Mountain team
have built over the last 26 years," said Brennan. "We have become vital to
businesses as they wrestle with the overwhelming task of compliant records
management in a world of exploding information and escalating regulation.
This is a great business, and Iron Mountain is uniquely positioned to
capture the tremendous opportunity in the market today. I am very excited
at the prospect of leading this Company through the next phase of its
growth and development and I look forward to continuing my partnership with
Richard as he assumes his new role in the Company."
As Executive Chairman, a full time position reporting to the Board,
Reese, 61, will focus on driving the Company's new services agenda and
advising the CEO on strategy and other matters of the business while
continuing to perform his duties as Chairman of the Company's Board of
Directors.
Iron Mountain's conference call to discuss its fourth quarter and full
year 2007 financial results along with the details of this leadership
transition, will be held today at 11:00 a.m. Eastern Time. In order to
further enhance the overall quality of its investor communications, the
Company will simulcast the conference call on its Web site at
http://www.ironmountain.com, the content of which is not part of this
release. Details regarding the conference call are attached below.
About Iron Mountain
Iron Mountain Incorporated (NYSE: IRM) helps organizations around the
world reduce the costs and risks associated with information protection and
storage. The Company offers comprehensive records management and data
protection solutions, along with the expertise and experience to address
complex information challenges such as rising storage costs, litigation,
regulatory compliance and disaster recovery. Founded in 1951, Iron Mountain
is a trusted partner to more than 100,000 corporate clients throughout
North America, Europe, Latin America and Asia Pacific. For more
information, visit the Company's Web site at http://www.ironmountain.com.
Forward Looking Statements
This press release contains certain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995 and
federal securities laws, and is subject to the safe-harbor created by such
Act. Forward-looking statements include statements regarding our goals,
beliefs, future growth strategies, investments, objectives, plans or
current expectations. These statements involve known and unknown risks,
uncertainties and other factors that may cause the actual results to be
materially different from those contemplated in the forward-looking
statements. These risks and uncertainties are described more fully in the
Company's most recently filed Annual Report on Form 10-K under "Item 1A.
Risk Factors". Except as required by law, Iron Mountain undertakes no
obligation to release publicly the result of any revision to these
forward-looking statements that may be made to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events.
Conference Call Information
A conference call has been scheduled to discuss the Company's fourth
quarter and full year 2007 financial results along with the details of this
leadership transition and a taped replay of the conference call will be
available shortly after the end of the call. Call and replay information
are as follows:
Call Date: Thursday, February 28, 2008
Call Time: 11:00 A.M. (Eastern Time)
Call Hosts: Stephen Golden, Vice President, Investor Relations
Richard Reese, Chairman & CEO
Brian McKeon, CFO
Domestic Call Dial In: 800-591-6945
International Dial In: 617-614-4911
Participant Passcode: 73921626#
Online Info: http://www.ironmountain.com at the Investor Relations page
Live Simulcast (listen only) available during the call. Replay available
one hour after the conclusion of the call for one week.
Replay Domestic Dial In: 888-286-8010
Replay International Dial In: 617-801-6888
Replay Access Code: 48939836#
Investor Relations Contact: Media Contact:
Stephen P. Golden Melissa Mahoney
Vice President, Vice President,
Investor Relations Corporate Communications
sgolden@ironmountain.com melissa.mahoney@ironmountain.com
(617) 535-2994 (617) 535-8310
SOURCE Iron Mountain Incorporated
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Related links:
http://www.ironmountain.com
Photo Notes:
NewsCom: http://www.newscom.com/cgi-bin/prnh/20080228/NETH034
AP Archive: http://photoarchive.ap.org AP PhotoExpress
Network: PRN1 PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
Stephen P. Golden, Vice President, Investor
Relations, +1-617-535-2994, sgolden@ironmountain.com, or Melissa
Mahoney, Vice President, Corporate Communications,
+1-617-535-8310, melissa.mahoney@ironmountain.com, both of Iron
Mountain Incorporated
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