- SmartRent (SMRT, Financial) CEO Shane Paladin resigns at the Board's request; John Dorman named interim CEO.
- The company forecasts Q1 2025 revenue to decline by 18-20% year-over-year.
- SmartRent has begun the search for a permanent CEO replacement.
SmartRent, Inc. (SMRT), a leader in smart communities and operations solutions for the rental housing industry, announced that Shane Paladin has resigned as President, CEO, and Board member at the request of the Board of Directors. John Dorman, the current Chairman, has assumed the role of interim CEO, and Alison Dean has been appointed as the lead independent director. The company has commenced an executive search for Paladin's permanent successor. Paladin will remain with SmartRent in an advisory role for three months to facilitate a seamless transition.
Despite the leadership change, the Board expressed confidence in SmartRent's market position and growth prospects. In a statement, Dorman emphasized the strength of SmartRent's products and services and reassured stakeholders of their commitment to the company's success. The transition comes amidst challenging financial projections, with preliminary first quarter 2025 results indicating revenue expectations of $40.5 to $41.5 million, representing an 18-20% decrease from the corresponding quarter last year.
SmartRent continues to focus on leveraging its advanced smart technology solutions to drive efficiency and sustainability in the rental housing sector. The company aims to maintain its competitive edge by enhancing operations and exploring new growth opportunities, even as it undergoes this leadership transition.
