Iron Mountain (NYSE:IRM) announced today that longtime CEO Richard Reese will step down from his positions as Iron Mountain's CEO and executive chairman of the board. Reese will continue to serve as Iron Mountain's CEO until his replacement, William Meaney, assumes the position on Jan. 7.

Reese will remains in his role as chairman of the board for Iron Mountain until March, at which time its current lead independent director, Al Verrecchia, will assume the role of chairman.

Reese has been with Iron Mountain, a Massachusetts-based  information storage and management company,  for 31 years. He served as CEO from December 1981 to June 2008 and returned as CEO in April 2011. "He's been a remarkable leader and a true icon in the information storage and management industry," said Verrecchia in a statement. "We thank him for all he's done and the indelible mark he's made on the Company."

Meaney takes over leadership of Iron Mountain after 20 years as an executive with a diverse group of companies in the airline and pharmaceutical industries, among others. Most recently, Meaney was CEO of Hong Kong-based Zuellig Group, a $12 billion business-to-business conglomerate.

Meaney, 52, will receive an annual base salary of $1 million, subject to annual review, according to a company filing with the SEC. He will receive a signing bonus of $250,000 and be eligible to receive an annual performance-based cash bonus of up to 125% of his actual base salary.


 

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Tim Brugger has no positions in the stocks mentioned above. The Motley Fool has no positions in the stocks mentioned above. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.