“I have decided that after 20 years of building a successful company, it is time for me to pursue my other entrepreneurial goals and devote myself to those investments and businesses,” said Mr. Pedersen. “I am proud of the company’s achievements since Vivint’s founding and remain excited about the performance and outlook as a premier smart home service provider. I believe the company is well positioned for success and I look forward to continuing to contribute to the company’s growth as a member of the board.”

“We thank Todd for his years of dedicated leadership, which have helped Vivint grow from a small security systems company into an integrated smart home provider with strong operations, a resilient business plan and an attractive financial model. We are pleased that he will remain on as CEO until the board has identified a new leader,” said David F. D'Alessandro, Vivint’s chairman of the board of directors.

Mr. Pedersen founded Vivint in 1999, and it has become one of the largest residential security and smart home technology companies in North America. Mr. Pedersen has been named an Ernst and Young Entrepreneur of the Year, Utah's Entrepreneur of the Year by Mountain West Capital Network, and was inducted into the David Eccles School of Business Hall of Fame.

The company’s board of directors has commenced a deliberate and thoughtful search process to identify a candidate who has the right experience to lead the company into its next phase of growth.