NEW BRIGHTON, Minnesota – (COMMERCIAL THREAD) – APi Group Corporation (NYSE: APG) (“APG”, “APi” or the “Company”) announced that Tom Lydon has stepped down as Chief Financial Officer today and will retire from APi upon completion of the year after supporting the transition to Kevin S. Krumm, who will join APi as Executive Vice President and Chief Financial Officer on September 20, 2021.
Krumm joined APi after working at Ecolab, Inc. (NYSE: ECL) (“Ecolab”) where he most recently served as Corporate Treasurer and Senior Vice President of Shared Financial Services. Previously, he held positions of increasing responsibility within Ecolab, including leading the finance team for the industrial segment; lead regional finance teams in Europe, the Middle East and Africa, Asia and Latin America; and lead international integration efforts for a major acquisition. Previously, he held finance positions at UnitedHealth Group and Minnetronix, and began his career in public accounting.
Russ Becker, President and CEO of APi, said, “I am grateful to Tom Lydon for his financial expertise, advice and dedication to APi during his years of service. In particular, his work in building a world class financial organization to support our entry into the public markets has been invaluable. Personally, and on behalf of the entire board and management team, we are grateful for Tom’s many contributions and wish him the best for the future.
I am also delighted that a complete leader with the experience, expertise, cultural fit and drive of Kevin has joined the APi team and look forward to working with him on our team. direction. His extensive experience in SOE operations and finance, including strong international and integration experience, will be immediately put to use. Kevin will be instrumental in achieving our goals of margin expansion and growth into new geographies and in supporting the integration of Chubb’s fire and security businesses into APi, as we continue to drive long-term growth for our shareholders. As API begins the next step in its journey as the world’s leading provider of life safety services, Kevin will help elevate our business and bring additional operational and financial best practices to the company while helping to shape our future. growth strategy.
Kevin S. Krumm, new Executive Vice President and Chief Financial Officer of APi, said, “I am extremely pleased to join APi at such an exciting time in the company’s expansion. I expect my experience over the past 18 years in operations, integration, acquisitions, treasury and capital markets, and in building world-class finance teams, will significantly contribute to upcoming opportunities for APi.
I look forward to working with Russ and the whole team who have already made me feel like part of a new family. APi is a large company, led by a strong management team, with significant opportunities ahead; so I can’t wait to get started.
APi also announced several leadership changes to support the integration of Chubb’s fire and security businesses, repositioning several members of its current management team in key positions ahead of the expected closing of the transaction. Paul Grunau, Director of Learning and Development at APi, will relocate to London to lead the company’s efforts on integrating and growing its international business. Kristin Schultes, who has held a series of finance, operations and integration roles within the company, has been appointed vice president of integration and acquisitions. Craig Fellman, who has held a series of operational leadership roles within the company over the past 19 years, has been appointed to the role of Senior Vice President and Segment Manager for APi’s Specialty Services segment.
Commenting on the leadership changes, Russ Becker said, “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 continue investing in support. of our existing activities. operations. I am extremely proud of our leadership team and believe these changes to our leadership structure will deliver the necessary results and help us deliver on our commitment to generate shareholder value. With these changes announced, we believe we are positioned to begin the next phase of growth and expansion at APi and I look forward to reporting on our progress. Our annual forecast for 2021 remains unchanged; We expect adjusted net revenues of between $ 3.65 billion and $ 3.75 billion and adjusted EBITDA of approximately $ 405 million.
APi is a leading provider of commercial, specialty and industrial security services at more than 200 locations in North America and Europe. APi provides legally mandated and other contractual services to a solid base of long-standing clients across all industries. We have a winning leadership culture driven by enterprising business leaders to deliver innovative solutions to our clients. More information can be found at www.apigroupcorp.com.
Forward-looking statements and disclaimer
Certain statements contained in this announcement are forward-looking statements which are based on the expectations, intentions and projections of the Company regarding the future performance of the Company, anticipated events or trends and other matters which are not historical facts. , including expectations regarding: (i) the long-term goals and growth strategies, including in new geographies, (ii) the impact of management changes on supporting the future integration of the Company’s ongoing acquisition of Chubb’s fire and security business and on creating shareholder value and (iii) the Company’s 2021 directions, assumptions made and contributing factors to its orientations. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors which could cause actual results to differ materially from those expressed or implied by these forward-looking statements, in particular: (i) economic conditions, competition and other risks likely to affect the future performance of the Company, including the impacts of the COVID-19 pandemic on the activities, markets, supply chain , the Company’s customers and workforce, in the credit and financial markets, on the alignment of spending and income and on the global economy in general; (ii) the inability of the Company to successfully or timely complete the acquisition of Chubb; (iii) the inability to realize the anticipated benefits of the Chubb acquisition; (iv) changes in applicable laws or regulations; (v) the possibility that the Company will be affected by other economic, commercial and / or competitive factors; and (vi) other risks and uncertainties. In light of these risks and uncertainties, potential investors are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of such statement and, except as required by applicable law, the Company assumes no obligation to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise.