PROVO, Utah – (BUSINESS WIRE) – Vivint Smart Home, Inc. (NYSE: VVNT), a leading smart home company, today announced that David Bywater has been named Chief Executive Officer. In connection with David’s appointment, Todd Pedersen will step down as CEO of Vivint Smart Home, as previously announced, but will remain a member of the Board of Directors. Mr. Bywater will also join the company’s board of directors. These changes will take effect on June 15, 2021.
Mr. Bywater is a seasoned and diverse executive with 25 years of leadership experience in several consumer technology companies. He was CEO of Vivint Solar, where he oversaw significant efficiencies in the company’s installation processes and a rationalization of its cost base, as well as the successful completion of the merger transaction with Sunrun that resulted in Vivint Solar becoming a wholly-owned subsidiary of Sonnenlauf. After completion of the merger, he continued to serve as CEO of Sunrun subsidiary Vivint Solar until April 2021 to ensure a smooth transition. Prior to joining Vivint Solar, Mr. Bywater served as Vivint Smart Home’s Chief Operating Officer, responsible for customer operations, human resources, field service and supply chain management. Prior to Vivint Smart Home, Mr. Bywater held senior positions at Xerox and Affiliate Computer Services.
“We are excited to have a leader with David’s solid skills and a deep understanding of our business and operations on the Vivint Smart Home team,” said David F. D’Alessandro, Vivint Smart Home CEO. “During his 25 years in senior management positions, including three years with Vivint Smart Home and five years with Vivint Solar, David has built a track record of running a public company, developing and executing strategies aimed at expanding market share and generating solid financial returns aligned and achieving operational excellence while delivering great customer experiences. We are confident that David has the right experience to lead the company into the next phase of growth and create value for all stakeholders. ”
“I am excited to return to Vivint Smart Home, a company I know well, deeply admire and believe has a unique value proposition,” said Mr. Bywater. “In addition to strong business activity, an attractive business model and a leading position in the industry, I have always noticed the high level of commitment at Vivint Smart Home to implement strategic goals and offer customers the best. – Experience in teaching. I look forward to working with the rest of the management team and talented people to build on that strong foundation. ”
Mr. Bywater will also step down from Sunrun’s board of directors and his role as strategic advisor to the company; Vivint Smart Home and Sunrun will, however, continue their partnership as partners.
About David Bywater
Until April 2021, Mr. Bywater served as Vivint Solar’s Chief Executive Officer, a position he had held since December 2016, having served on an interim basis from May 2016. Prior to joining Vivint Solar, Mr. Bywater was Chief Operating Officer of Vivint Smart Home from June 2013 to May 2016. Prior to that, Mr. Bywater was Executive Vice President and Corporate Officer of Xerox Corporation and Chief Operating Officer of State Government Services from 2010 to July 2013. From 2003 to 2010, Mr. Bywater was with Affiliated Computer Services and from 1999 to 2003, Mr. Bywater was a senior manager with Bain & Company. Mr. Bywater has been on Sunrun’s Board of Directors since October 2020 and as a consultant to Sunrun since April 2021. He is related to his new role as CEO of Vivint. step down from the Sunrun Board of Directors and as a consultant to Sunrun Smart Home.
Mr. Bywater holds a BS in Economics from Brigham Young University and an MBA from Harvard Business School.
About Vivint Smart Home
Vivint Smart Home is a leading smart home company in North America. Vivint Smart Home offers an integrated smart home system with in-home advice, professional installation and support from its smart home professionals, as well as 24/7 customer care and monitoring. Vivint Smart Home is dedicated to redefining the living experience with intelligent products and services and serves more than 1.7 million customers in the USA and Canada. Further information is available at www.vivint.com.
Note on forward-looking statements
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, including statements, but not limited to, the Company’s plans, strategies and prospects, both business and financial limited to statements regarding the transition of the company’s chief executive officer. In general, statements that are not historical facts, including statements about possible or anticipated future actions, business strategies, events, or results of operations of the company, are forward-looking statements. These statements can include the words “believes”, “estimates”, “expects”, “predicts”, “could”, “will”, “should”, “strives for”, “plans”, “planned”, “anticipated” or ” intended ”or similar expressions. By their nature, forward-looking statements are subject to risks and uncertainties, some of which cannot be predicted or quantified. Forward-looking statements should not be read as a guarantee of future performance or results, and they are not necessarily indicative of the times or when such performance or results will be achieved, if at all. These statements are based on current expectations and beliefs about future events and business results as of the date of this press release and are subject to risks and uncertainties, including those discussed in Part I, Item 1A. “Risk Factors” in Amendment No. 1 to its Annual Report on Form 10-K / A for the year ended December 31, 2020, filed with the Securities and Exchange Commission (the “SEC”) on May 12, 2021 ( the “Form 10-K / A”) as such factors may be updated from time to time in the company’s periodic filings with the SEC, which could cause actual performance or results to differ materially from those that are specified or suggested in the forwarding. seek statements. Although Vivint Smart Home believes that the expectations expressed in the forward-looking statements are reasonable, it cannot guarantee that the future results, activities, performance, or events and circumstances reflected in these statements will be achieved and actual results could differ materially from those anticipated or implied in any forward-looking statements. Unless required by law, Vivint Smart Home assumes no obligation and expressly disclaims any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise. You should read the documents Vivint Smart Home has filed with the SEC, including Form 10-K / A and the company’s other periodic filings, for more complete information about the Vivint Smart Home. These documents are available both on the EDGAR section of the SEC website at www.sec.gov and in the Investor Relations section of the Vivint website at www.vivint.com.
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