Iron Mountain dislodges CEO

Iron Mountain, the successful supplier of physical record vaulting and unsuccessful supplier of digital vaulting services, has dumped its CEO, Bob Brennan, and made board chairman Richard Reese CEO in his stead.

It appears Brennan has taken the hit for Iron Mountain's disastrous foray into its recently closed public cloud storage and loss-making eDiscovery services. As a result the weakened company is under an attack by an activist hedge fund investor, Elliot Management, which wants to turn it into a Real Estate Investment Trust.

Brennan has stepped down as president, CEO and a director of the company, but his departure seems not to be hostile. Kent Dauten, lead director of Iron Mountain's board, was complimentary about Brennan's contribution, and said: "We wish Bob all the best in his future endeavours."

Brennan was quoted in Iron Mountain's statement, saying: "Iron Mountain has great employees, who are dedicated to serving customers by treating customers' information as if it were their own. I am proud of what we have accomplished together and confident in the Company's plan and future prospects."

Richard Reese was a previous Iron Mountain CEO from 1981 to 2008 and it now falls to him to steady the rusty Iron Mountain ship and put some bright and shiny steel into its business plans. ®