Exhibit 99.1
–APi Group Announces Leadership Evolution in Support of the
Planned Acquisition of Chubb Fire & Security Business–
-Announces CFO Transition Plan Including the Addition of Kevin S. Krumm as Chief Financial Officer-
New Brighton, Minnesota – September 8, 2021 – APi Group Corporation (NYSE: APG) (“APG”, “APi” or the “Company”) announced that Tom Lydon has stepped down as CFO today and will be retiring from APi at the end of the year after supporting the transition to Kevin S. Krumm, who will be joining APi as Executive Vice President and Chief Financial Officer on September 20, 2021.
Krumm joins APi from Ecolab, Inc. (NYSE: ECL) (“Ecolab”) where he most recently served as Corporate Treasurer and Senior Vice President of Finance Shared Services. Previously he held roles of increasing responsibility within Ecolab, including leading the Industrial segment finance team; leading regional finance teams in Europe, Middle East and Africa, Asia and Latin America; and leading international integration efforts for a major acquisition. He previously held finance roles at UnitedHealth Group and Minnetronix, and began his career in public accounting.
Russ Becker, APi’s President and Chief Executive Officer stated: “I am grateful to Tom Lydon for the financial expertise, guidance and dedication to APi over his years of service. In particular, his work to build a world-class finance organization to support our entry into the public markets has been invaluable. Personally, and on behalf of the entire Board of Directors and leadership team, we are grateful for Tom’s many contributions and wish him all the best in the future.
I am also delighted that a well-rounded leader with Kevin’s experience, expertise, cultural fit and drive has joined the APi team and very much look forward to working with him as part of our senior leadership team. His deep operating and public company finance background, including substantial international and integration experience, will be immediately leveraged. Kevin will be instrumental in helping achieve our margin expansion goals and growth in new geographies and in supporting the integration of the Chubb fire and security business into APi, as we continue to drive long-term growth for our shareholders. As APi begins the next leg of its journey as the world’s leading life safety services provider, Kevin will help elevate our business and bring incremental operational and financial best practices to the Company while also helping to shape our future growth strategy.”
Kevin S. Krumm, APi’s new Executive Vice President and Chief Financial Officer stated: “I am extremely pleased to be joining APi at such an exciting time in the Company’s expansion. I expect that my experience over the last 18 years in operations, integration, acquisitions, treasury and capital markets and building world class finance teams, will contribute meaningfully to the opportunities ahead for APi.
I look forward to working with Russ and the entire team who have already made me feel part of a new family. APi is a great business, led by a strong executive leadership team, with significant opportunities ahead; so I’m excited to get started.”
APi also announced several leadership changes to support the integration of the Chubb fire and security business, repositioning several members of its current leadership team to key roles in advance of the planned closing of the transaction. Paul Grunau, APi’s Chief Learning and Development Officer, will be relocating to London to lead the Company’s focus on integrating and growing its international businesses. Kristin Schultes, who has held a series of finance, operating and integration roles at the Company, has been appointed to the role of Vice President of Integration and Acquisitions. Craig Fellman, who has held a series of operating leadership roles at the Company over the past 19 years, has been appointed to the role of Senior Vice President and Segment Leader for APi’s Specialty Services segment.
Commenting on the leadership changes, Russ Becker stated: “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 continued investment in the support of our existing business operations. I am extremely proud of our senior team and believe these changes to our
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