Iron Mountain Appoints William Meaney President and Chief Executive Officer
Monday, December 03, 2012
Richard Reese to Retire from the Company after 31 Years
Al Verrecchia to Become Chairman of the Board in March
BOSTON – Dec. 3, 2012 – Iron Mountain Incorporated (NYSE: IRM), the information storage and management company, today announced that its Board of Directors has voted unanimously to appoint William Meaney President and Chief Executive Officer and a member of the Board, effective Jan. 7, 2013. He will succeed longtime Executive Chairman and CEO Richard Reese, who announced his intention to retire after 31 years at the Company.
Meaney, 52, comes to Iron Mountain with more than 20 years of experience successfully overseeing diverse businesses in the United States, Europe, Asia and Africa. His track record over this time reveals a proven ability to drive growth even in challenging environments and maximize returns on investment in capital intensive businesses. Most recently, Meaney served as CEO of the Hong Kong-based Zuellig Group, a $12 billion, primarily business-to-business conglomerate that saw sales triple during his eight-year tenure from 2004-2012.
Prior to leading The Zuellig Group, Meaney spent five years in the airline industry, serving as the Chief Commercial Officer and Managing Director of publicly-traded Swiss International Airlines from December 2002 to January 2004 and Executive Vice President of South African Airways from 1998 to 2001. Meaney helped lead both airlines through challenging times and eventual turnarounds that netted higher profitability and improved returns on capital.
Earlier in his career, Meaney served as the acting CEO of South African Vaccine Producers; the Founder and Managing Director of Genhro Management Consultancy; and a principal of Strategic Planning Associates, now part of the Oliver Wyman Group. Meaney currently serves on the board of Qantas Airways Limited. He is a trustee of both Rensselaer Polytechnic Institute and Carnegie Mellon University, where he earned his bachelor’s in mechanical engineering and a master’s in industrial administration, respectively.
Commenting on his appointment, Meaney said, “This is an exciting opportunity for me. Iron Mountain is a global market leader with a compelling customer value proposition and a large market opportunity. What’s more, the Company is executing on a strong financial strategy to drive returns on invested capital and return excess capital to shareholders that I believe is right for both the business and investors. I look forward to working with the Board, management team, and our talented employees to deliver outstanding services to our customers and drive value for shareholders.”
Iron Mountain’s Board also announced that Al Verrecchia, lead independent director, will succeed Reese as Chairman of the Board effective in March 2013, when Reese will also retire from the Board. The Board believes that separating the chairman and CEO roles at this time represents the best leadership structure for the Company and is consistent with best practices for corporate governance. Verrecchia joined Iron Mountain’s Board of Directors in March 2010. He has also served as Chairman of the Board at Hasbro Inc. since 2008.
“Bill’s extensive global operations experience in both services and logistics-based businesses is key to expanding our market leadership position in North America, as well as growing our international business, particularly in emerging markets,” said Al Verrecchia, Chairman-elect of the Iron Mountain Board of Directors. “Moreover, Bill possesses keen financial acumen, has proven to be a collaborative team leader, and is committed to Iron Mountain’s goal to deliver shareholder returns for the long-term.”
Reese also commented on Meaney’s appointment: “Bill is an accomplished leader with an impressive track record for driving top-line growth and bottom-line returns. He has shown an innate sense for the business and shares the board’s vision for investing capital in a disciplined manner to drive returns over the long-term. For these reasons and more, I know Iron Mountain is in good hands. I’m very proud to have been part of building this tremendous organization working alongside an amazing team, and I’m excited to watch the Company move on to its next phase of success.”
On behalf of the Board, Verrecchia thanked Reese for his service. “In addition to welcoming Bill, we’d like to recognize Richard for the leadership and vision he’s provided the Company for more than 30 years,” said Verrecchia. “He’s been a remarkable leader and a true icon in the information storage and management industry. We thank him for all he’s done and the indelible mark he’s made on the Company.”
Reese served as CEO from December 1981 to June 2008 and returned as CEO in April 2011. He also served as Chairman beginning in 1995 and as Executive Chairman since June 2008. During his tenure, he grew the business from a regional provider with $3 million in annualized revenues to a global leader in information management and storage with more than $3 billion in sales.
About Iron Mountain
Iron Mountain Incorporated (NYSE: IRM) is a leading provider of information storage and management solutions. The Company’s real estate network of 64 million square feet across nearly 1,000 facilities in 32 countries allows it to serve customers around the world. And its solutions for records management, data backup and recovery, document management, and secure shredding help organizations to lower storage costs, comply with regulations, recover from disaster, and better use their information for business advantage. Founded in 1951, Iron Mountain stores and protects billions of information assets, including business documents, backup tapes, electronic files and medical data. Visit www.ironmountain.com for more information (the content of which is not a part of this press release).