–APi Group Announces Leadership Evolution in Support of the Planned Acquisition of Chubb Fire & Security Business–
September 08 2021 - 04:01PM
Business Wire
-Announces CFO Transition Plan Including the
Addition of Kevin S. Krumm as Chief Financial Officer-
APi Group Corporation (NYSE: APG) (“APG”, “APi” or the
“Company”) announced that Tom Lydon has stepped down as CFO today
and will be retiring from APi at the end of the year after
supporting the transition to Kevin S. Krumm, who will be joining
APi as Executive Vice President and Chief Financial Officer on
September 20, 2021.
Krumm joins APi from Ecolab, Inc. (NYSE: ECL) (“Ecolab”) where
he most recently served as Corporate Treasurer and Senior Vice
President of Finance Shared Services. Previously he held roles of
increasing responsibility within Ecolab, including leading the
Industrial segment finance team; leading regional finance teams in
Europe, Middle East and Africa, Asia and Latin America; and leading
international integration efforts for a major acquisition. He
previously held finance roles at UnitedHealth Group and
Minnetronix, and began his career in public accounting.
Russ Becker, APi’s President and Chief Executive Officer stated:
“I am grateful to Tom Lydon for the financial expertise, guidance
and dedication to APi over his years of service. In particular, his
work to build a world-class finance organization to support our
entry into the public markets has been invaluable. Personally, and
on behalf of the entire Board of Directors and leadership team, we
are grateful for Tom’s many contributions and wish him all the best
in the future.
I am also delighted that a well-rounded leader with Kevin’s
experience, expertise, cultural fit and drive has joined the APi
team and very much look forward to working with him as part of our
senior leadership team. His deep operating and public company
finance background, including substantial international and
integration experience, will be immediately leveraged. Kevin will
be instrumental in helping achieve our margin expansion goals and
growth in new geographies and in supporting the integration of the
Chubb fire and security business into APi, as we continue to drive
long-term growth for our shareholders. As APi begins the next leg
of its journey as the world’s leading life safety services
provider, Kevin will help elevate our business and bring
incremental operational and financial best practices to the Company
while also helping to shape our future growth strategy.”
Kevin S. Krumm, APi’s new Executive Vice President and Chief
Financial Officer stated: “I am extremely pleased to be joining APi
at such an exciting time in the Company’s expansion. I expect that
my experience over the last 18 years in operations, integration,
acquisitions, treasury and capital markets and building world class
finance teams, will contribute meaningfully to the opportunities
ahead for APi.
I look forward to working with Russ and the entire team who have
already made me feel part of a new family. APi is a great business,
led by a strong executive leadership team, with significant
opportunities ahead; so I’m excited to get started.”
APi also announced several leadership changes to support the
integration of the Chubb fire and security business, repositioning
several members of its current leadership team to key roles in
advance of the planned closing of the transaction. Paul Grunau,
APi’s Chief Learning and Development Officer, will be relocating to
London to lead the Company’s focus on integrating and growing its
international businesses. Kristin Schultes, who has held a series
of finance, operating and integration roles at the Company, has
been appointed to the role of Vice President of Integration and
Acquisitions. Craig Fellman, who has held a series of operating
leadership roles at the Company over the past 19 years, has been
appointed to the role of Senior Vice President and Segment Leader
for APi’s Specialty Services segment.
Commenting on the leadership changes, Russ Becker stated: “Each
of these moves reflects our commitment to having the right team in
place to integrate and support the growth and management of APi as
well as our commitment to continued investment in the support of
our existing business operations. I am extremely proud of our
senior team and believe these changes to our leadership structure
will drive needed results and help us deliver on our commitment to
drive shareholder value. With these announced changes we believe we
are positioned to begin the next stage of growth and expansion at
APi and I look forward to reporting on our progress. Our full year
guidance for 2021 remains unchanged; we expect adjusted net
revenues of between $3.65 billion to $3.75 billion and adjusted
EBITDA of approximately $405 million.”
About APi:
APi is a market-leading business services provider of safety,
specialty and industrial services in over 200 locations in North
America and Europe. APi provides statutorily mandated and other
contracted services to a strong base of long-standing customers
across industries. We have a winning leadership culture driven by
entrepreneurial business leaders to deliver innovative solutions
for our customers. More information can be found at
www.apigroupcorp.com.
Forward-Looking Statements and
Disclaimers
Certain statements in this announcement are forward-looking
statements which are based on the Company’s expectations,
intentions and projections regarding the Company’s future
performance, anticipated events or trends and other matters that
are not historical facts, including expectations regarding: (i) the
Company’s long-term goals and growth strategies, including in new
geographies, (ii) the impact of leadership changes on supporting
the Company’s future integration of the pending acquisition of the
Chubb fire and security business and on driving shareholder value
and (iii) the Company’s guidance for 2021, the assumptions it made
and the drivers contributing to its guidance. These statements are
not guarantees of future performance and are subject to known and
unknown risks, uncertainties and other factors that could cause
actual results to differ materially from those expressed or implied
by such forward-looking statements, including: (i) economic
conditions, competition and other risks that may affect the
Company’s future performance, including the impacts of the COVID-19
pandemic on the Company’s business, markets, supply chain,
customers and workforce, on the credit and financial markets, on
the alignment of expenses and revenues and on the global economy
generally; (ii) the inability of the Company to successfully or
timely consummate the acquisition of Chubb; (iii) failure to
realize the anticipated benefits of the acquisition of Chubb; (iv)
changes in applicable laws or regulations; (v) the possibility that
the Company may be adversely affected by other economic, business,
and/or competitive factors; and (vi) other risks and uncertainties.
Given these risks and uncertainties, prospective investors are
cautioned not to place undue reliance on forward-looking
statements. Forward-looking statements speak only as of the date of
such statements and, except as required by applicable law, the
Company does not undertake any obligation to update or revise
publicly any forward-looking statements, whether as a result of new
information, future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20210908006076/en/
Investor Relations Inquiries: Olivia Walton Vice
President of Investor Relations Tel: +1 651-604-2773 Email:
investorrelations@apigroupinc.us
Media Contact: Liz Cohen Kekst CNC Tel: +1 212-521-4845
Email: Liz.Cohen@kekstcnc.com
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