Bob Brennan Elected Chief Executive Officer of Iron Mountain
Longtime CEO Richard Reese to become Executive Chairman of the Board of Directors
BOSTON (June 5, 2008) – Iron Mountain Incorporated
(NYSE: IRM), the global leader in information protection and storage
services, announced today that its board of directors elected Bob
Brennan, 48, president and chief executive officer, making official the
elevation first announced in February 2008. He succeeds Richard Reese,
who after serving 27 years as CEO, now assumes the new full-time role
of executive chairman of the board. Brennan, Iron Mountain’s president
and chief operating officer since December 2005, was also elected today
to the company’s board of directors at its annual meeting of
stockholders.
“It is an honor to have the opportunity to lead Iron Mountain into
another era of growth,” said Brennan. “I’m committed to continue
delivering on a promise we’ve made to customers, which is to help them
manage their physical and digital information via integrated
storage-as-a-service solutions. We have a unique opportunity to build
on our success and brand reputation to further enhance our value to
customers and stakeholders, and we intend to take advantage of it.”
Brennan takes the helm of a company that has risen to the top of its
industry over the last decade. Under Reese’s leadership, Iron Mountain
acquired more than 200 companies and grew from a regional provider of
records storage to the global leader in records management, data
protection and information destruction. Revenues during Reese’s tenure
increased 1,000 fold, from $3 million in 1981 to what is expected to be
approximately $3 billion in 2008.
“Iron Mountain is the most recognized and trusted brand in its
industry,” said Steve Duplessie, founder and senior analyst at the
Enterprise Strategy Group (ESG). “Since joining the company, Bob has
enhanced the company’s ability to leverage its reputation and expertise
into new products and markets. The demand for the services Iron
Mountain provides has never been higher, and I expect it will
accelerate.”
During his time as president and COO, Brennan worked with Reese to
further establish Iron Mountain as a global provider of information
protection and storage services with revenues that grew from $1.8
billion to $2.7 billion between 2004 and 2007. He also helped to
develop Iron Mountain Digital into the leading Storage-as-a-Service
player with nearly 50 percent compounded annual revenue growth rate
over the last three years.
“Iron Mountain has enjoyed a great past, and it’s positioned to have
a great future,” said Reese, who in his new role will focus on driving
the company’s new services agenda and advising Brennan on strategy and
other matters of the business while continuing to perform his duties as
chairman of the board. “Bob’s the right guy to lead us forward. His
management and technology expertise has helped transform Iron Mountain
into a technology leader, and it will continue to help the company meet
customers’ evolving information storage and protection needs.”
Brennan joined Iron Mountain in 2004 as president of North America
after the company acquired Connected Corporation, where he was chairman
and chief executive officer.
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 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 our 2008
financial performance outlook and statements regarding our goals,
beliefs, future growth strategies, investments, objectives, plans and
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. Such factors include, but are not limited to: (i) the cost
to comply with current and future legislation, regulations and customer
demands relating to privacy issues; (ii) the impact of litigation that
may arise in connection with incidents in which we fail to protect the
Company’s customers’ information; (iii) changes in the price for the
Company’s services relative to the cost of providing such services;
(iv) changes in customer preferences and demand for the Company’s
services; (v) in the various digital businesses in which the Company is
engaged, the cost of capital and technical requirements, demand for the
Company’s services or competition for customers; (vi) the Company’s
ability or inability to complete acquisitions on satisfactory terms and
to integrate acquired companies efficiently; (vii) the cost or
potential liabilities associated with real estate necessary for the
Company’s business; (viii) the performance of business partners upon
whom the Company depends for technical assistance or management and
acquisition expertise outside the United States; (ix) changes in the
political and economic environments in the countries in which the
Company’s international subsidiaries operate; (x) claims that the
Company’s technology violates the intellectual property rights of a
third party; (xi) other trends in competitive or economic conditions
affecting Iron Mountain’s financial condition or results of operations
not presently contemplated; and (xii) other risks 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.