Friday, June 6, 2008

Iron Mountain makes Brennan’s CEO job official

By Mass High Tech Staff

More than three months after revealing its succession plans, storage service provider Iron Mountain Inc. reports that its board has approved the appointment of president and COO Bob Brennan as the company’s CEO, replacing 27-year CEO Richard Reese.

Reese, 61, is now in the newly created full-time role of executive chairman. Brennan, Iron Mountain’s president and COO since December 2005, will retain his president title, company officials said.

Boston-based Iron Mountain (NYSE: IRM) was founded in 1951 and provides information protection and storage services.

Brennan, 48, joined the company as president of North America in 2004 after Iron Mountain acquired for $117 million Framingham-based Connected Corp., where he was chairman and CEO.

Connected’s former COO, John Clancy, is now president of Southborough-based Iron Mountain Digital, the technology arm of Iron Mountain.

Last year, Iron Mountain completed several acquisitions. In November 2007, the company acquired for an undisclosed amount Pennsylvania-based digital media archiving specialists Xepa Digital LLP. In October 2007, the company bought Michigan-based RMS Services USA Inc. and California-based Stratify Inc.

All the deals were for undisclosed amounts except for Stratify, for which Iron Mountain paid an estimated $158 million.

During 2007, Iron Mountain posted a $153 million profit on revenue of $2.7 billion.