Longtime CEO Richard Reese to become Executive Chairman of the Board of
Directors
BOSTON, June 5 /PRNewswire-FirstCall/ -- 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.
(Photo: http://www.newscom.com/cgi-bin/prnh/20080605/NETH066 )
"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.
Investor Relations Contact: Media Contact:
Stephen P. Golden Dan O'Neill
Vice President, Investor Relations Senior PR Manager
sgolden@ironmountain.com dan.oneill@ironmountain.com
(617) 535-2994 (617) 535-2966
SOURCE Iron Mountain Incorporated
CONTACT: Investor Relations:
Stephen P. Golden, Vice President, Investor
Relations
+1-617-535-2994
sgolden@ironmountain.com
or
Media:
Dan O'Neill,
Senior PR Manager
+1-617-535-2966
dan.oneill@ironmountain.com
both of Iron
Mountain Incorporated
Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20080605/NETH066
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
Web site: http://www.ironmountain.com