Iron Mountain today announced that Richard Reese, Chairman of the Iron Mountain Board of Directors, has been appointed Chief Executive Officer, effective immediately, replacing Bob Brennan, who is stepping down.
Reese has served as Chairman of the Board since 1995 and was Iron Mountain’s Chief Executive Officer from 1981 to 2008. He is a member of the investment committee of Schooner Capital LLC. And also a director of Charles River Laboratories, a publicly held company that provides products and services to help pharmaceutical and biotechnology companies, government agencies and academic accelerate their research and drug development efforts. He holds both Bachelor and Master of Science degrees in engineering from Clemson University and a Master of Business Administration degree from Harvard Business School.
“As we move forward with the execution of our business plan, Bob and the Board agreed that the time is right to make this transition. We are confident that Richard’s deep operational expertise and knowledge of our business will be instrumental to our success. We wish Bob all the best in his future endeavors,” said Kent Dauten, Lead Director of Iron Mountain’s Board.
In addition to stepping down as President and Chief Executive Officer, Bob Brennan has also resigned as a director of the Company.
Investors applauded the move, as shares of Iron Mountain (NYSE:IRM) ended up 5.01% to $34.12 at the close of trading on Thursday, hitting a new 52-week high. Iron Mountain has a market cap of $6.6 billion.