Iron Mountain Incorporated (NYSE:IRM), a leader in storage and information management services, announced today the appointment of Andre Maciel as a new member of its board of directors, effective immediately. Mr. Maciel, 50, will also join the Audit Committee and the Risk and Safety Committee of the Board.
Andre Maciel brings a wealth of experience to Iron Mountain, having served as Global Chief Financial Officer for The Kraft Heinz (NASDAQ:KHC) Company since March 2022. Prior to his role at Kraft Heinz, Maciel held significant leadership positions at H.J. Heinz, AB InBev, McKinsey & Company, and Accenture (NYSE:ACN). His extensive background in finance, auditing, and digital transformation, along with his international experience—having lived in 13 countries—adds valuable perspective to the Iron Mountain board.
According to the company's filing, there are no familial relationships between Mr. Maciel and any existing board members or executive officers, nor does he have any material interests in transactions that would require disclosure under SEC regulations.
As a non-employee director, Mr. Maciel will receive compensation in accordance with the company's established plan for such directors. The details of this compensation plan were outlined in the company's Annual Report on Form 10-K for the year ended December 31, 2023. Additionally, effective today, Mr. Maciel will receive a prorated annual grant of restricted stock units (RSUs) under the Iron Mountain Incorporated 2014 Stock and Cash Incentive Plan, which will vest immediately.
Iron Mountain's decision to bring Mr. Maciel on board reflects the company's commitment to strong corporate governance and strategic leadership. His appointment is based on a press release statement and aligns with the company's continuous efforts to enhance its board's capabilities in navigating the complexities of the global market.
In other recent news, Iron Mountain Incorporated reported a stellar first quarter in 2024, with record-breaking revenue of $1.48 billion. This 12% year-over-year growth was primarily driven by Project Matterhorn, a key initiative that has transformed Iron Mountain into a solutions-based business. The company's adjusted EBITDA for the quarter also reached a notable $519 million.
Furthermore, Iron Mountain completed the acquisition of Regency Technologies, resulting in a significant 103% increase in ALM revenue year-over-year. The company's data center business also saw substantial growth, securing 30 megawatts of new and expansion leasing contracts.
Iron Mountain has also welcomed Andre Maciel, Global Chief Financial Officer for The Kraft Heinz Company, to its Board of Directors. Maciel's extensive financial expertise and digital transformation experience are expected to contribute to the company's growth.
Looking ahead, projections for Q2 revenue are around $1.5 billion with an adjusted EBITDA of approximately $535 million. Despite the impact of a stronger US dollar, Iron Mountain continues to focus on its Project Matterhorn objectives, anticipating continued growth in 2024. These are the recent developments for Iron Mountain Incorporated.
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