SmartRent, a leading smart home and smart building automation provider for the rental housing industry, has announced a CEO transition plan. Lucas Haldeman stepped down from his role as CEO and resigned from the board of directors, effective July 29.
John Dorman, the board’s lead independent director, has been appointed chairman of the board. In addition, the board has formed a management committee of executives to guide SmartRent through this transition and has begun the search to identify the next CEO.
“SmartRent has a leading market position in a large addressable market, proven product quality, deep customer loyalty, and significant growth potential in penetrating our existing customer base, which owns and/or manages over 7 million rental units,” said Dorman. “The board is working with the talented team at the company to capitalize on these unique strengths and create long-term value for our shareholders. On behalf of the full board, I want to thank Lucas for his dedication to SmartRent, which he founded, took public, and built into the innovator and leader in smart home technology it is today.”
He added that, as the company matures and scales into a new phase of growth, “the board decided that SmartRent will benefit from a CEO with a different skill set and fresh perspective.”
The management committee includes chief financial officer Daryl Stemm, executive vice president of human resources Heather Auer, executive vice president of operations Wyron Bobis, co-founder and chief technology officer Isaiah DeRose-Wilson, chief legal officer Kristen Lee, and chief marketing officer Robyn Young. Stemm will act as principal executive officer on an interim basis. In addition, the board formed an operating committee, led by director Frank Martell and comprised of directors Alison Dean, Ann Sperling, and Fred Tuomi.
The board is working with Morgan Stanley & Co. as part of an ongoing financial review focusing on shareholder value and is recruiting a new head of sales to refocus the company’s sales strategy.
SmartRent will hold its second-quarter earnings call Aug. 7. It expects $48.5 million in total revenue for the quarter, a 9% decrease from the same period last year and slightly below the guidance range of $49 million to $55 million. It expects a net loss of $4.6 million for the second quarter, which is a 55% year-over-year improvement. It also has announced it is suspending its full-year 2024 outlook in light of the CEO transition, the scaling back of its channel partner program, and continued market headwinds.
