Vivint Smart Home Announces the Departure of Dale R. Gerard and the Appointment of Dana Russell as Chief Financial Officer
May 16 2022 - 6:30AM
Business Wire
- Mr. Gerard will be departing Vivint after a notable 12-year
career to pursue an opportunity with a company outside of the smart
home industry
- Mr. Gerard will be succeeded by Mr. Russell, a financial
executive with 25 years of experience and former chief financial
officer of Vivint Solar (acquired by Sunrun)
Vivint Smart Home, Inc. (NYSE: VVNT), a leading smart home
company, today announced that Dale R. Gerard will be stepping down
as its chief financial officer (CFO), effective May 31st , to
accept a new role with a company outside of the smart home
industry. The Company also announced that Dana Russell, Vivint
Solar’s chief financial officer from 2013 to 2020, is joining
Vivint Smart Home as its CFO and will work alongside Mr. Gerard to
ensure a smooth transition.
During his 12 years at Vivint Smart Home, Mr. Gerard has served
in various senior finance roles and helped lead the Company through
a remarkable period that included taking the Company public in
January 2020 through one of the largest de-SPAC mergers up to that
point in time. He also helped spearhead the development of Vivint
Flex Pay, which pioneered consumer financing for the smart home
industry.
“We have been extremely fortunate to have Dale as a finance
leader for the last 12 years,” said David Bywater, chief executive
officer of Vivint Smart Home. “I want to express my sincere
appreciation for his numerous and lasting contributions to our
business, including mentoring many of our current finance leaders.
He has laid a remarkable foundation through his tireless efforts
that will continue to benefit us for years to come.”
Mr. Russell will begin his tenure as chief financial officer of
Vivint Smart Home immediately to help facilitate a smooth
transition. He has more than 25 years of finance and operational
expertise, most of which has been spent with technology and service
businesses. He started his career as an auditor at
PricewaterhouseCoopers LLP and later joined Novell, a publicly
traded software and services company that was ultimately acquired
by The Attachmate Group in 2011. During his 12-year tenure at
Novell, he held various positions including vice president of
finance, treasurer and corporate controller before being named its
chief financial officer. Mr. Russell became the CFO of Vivint Solar
in December of 2013, where he helped take the company public in
October of 2014 and ushered it through its acquisition by Sunrun in
October of 2020 in a transaction valued at $5.4 billion at the time
of closing.
“Having worked closely with Dana at Vivint Solar for almost five
years, I benefited from his strong financial and accounting acumen
as well as his insightful business judgement which led to stellar
results for shareholders, customers and our employees,” Bywater
stated. “He has a deep understanding of the technology and service
industries and will bring unique insights that will allow us to
build on our strong track record. I am very excited to have Dana
help us in this next chapter of growth as a leading smart home
company.”
Mr. Russell will be responsible for all corporate finance and
accounting functions, including treasury, tax, risk management,
consumer financing, operations planning and analysis (OP&A),
corporate controllership, and investor relations.
About Vivint Smart Home
Vivint Smart Home is a leading smart home company in North
America. Vivint delivers an integrated smart home system with
in-home consultation, professional installation and support
delivered by its Smart Home Pros, as well as 24/7 customer care and
monitoring. Dedicated to redefining the home experience with
intelligent products and services, Vivint serves nearly 1.9 million
customers throughout the U.S. and Canada. For more information,
visit 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 regarding, among other things, the Company’s plans,
strategies and prospects, both business and financial, including
without limitation, statements regarding the Company’s hiring of a
new Chief Financial Officer. Generally, statements that are not
historical facts, including statements concerning the Company’s
possible or assumed future actions, business strategies, events or
results of operations, are forward-looking statements. These
statements may be preceded by, followed by, or include, the words
“believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,”
“will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates” or
“intends” or similar expressions. Forward-looking statements are
inherently 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
will not necessarily be accurate indications of the times at, or
by, which such performance or results will be achieved, if at all.
These statements are based on current expectations and assumptions
regarding future events and business performance as of the date of
this press release, and they are subject to risks and
uncertainties, including those discussed in Part I, Item 1A. “Risk
Factors” in the Company’s Annual Report on Form 10-K for the year
ended December 31, 2021, filed with the Securities and Exchange
Commission (the “SEC”) on March 1, 2022 (the “Form 10-K”), as such
factors may be updated from time to time in the Company’s periodic
filings with the SEC, that could cause actual performance or
results to differ materially from those expressed in or suggested
by the forward-looking statements. Although Vivint Smart Home
believes that the expectations reflected in the forward-looking
statements are reasonable, it cannot guarantee that the future
results, levels of activity, performance or events and
circumstances reflected in those statements will be achieved or
will occur, and actual results could differ materially from those
anticipated or implied in the forward-looking statements. Except as
required by law, Vivint Smart Home does not undertake and expressly
disclaims any obligation to publicly update or revise any
forward-looking statement, 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 the Form 10-K
and the Company’s other periodic filings, for more complete
information about the Vivint Smart Home. These documents are
available on both the EDGAR section of the SEC's website at
www.sec.gov and the Investor Relations section of Vivint’s website
at www.vivint.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20220516005405/en/
PR Contact Noelle Bates VP, PR press@vivint.com
Investor Relations Contact Nate Stubbs VP, Investor Relations
ir@vivint.com
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