Vivint Smart Home announced founder and chief executive officer Todd R. Pedersen has decided to step down as chief executive officer of Vivint Smart Home, effective once the board of directors of the company appoints his successor. Mr. Pedersen will remain a member of the board of directors.

“I have decided that after 20 years of building a successful company, it is time for me to pursue my other entrepreneurial goals and devote myself to those investments and businesses,” Pedersen said. “I am proud of the company’s achievements since Vivint’s founding and remain excited about the performance and outlook as a premier smart home service provider. I believe the company is well positioned for success and I look forward to continuing to contribute to the company’s growth as a member of the board.”

Pedersen founded Vivint in 1999, and it has become one of the largest residential security and smart home technology companies in North America.

“We thank Todd for his years of dedicated leadership, which have helped Vivint grow from a small security systems company into an integrated smart home provider with strong operations, a resilient business plan and an attractive financial mode,” said David F. D'Alessandro, Vivint’s chairman of the board of directors. “We are pleased that he will remain on as CEO until the board has identified a new leader.”

The company’s board of directors has started the search for Pedersen’s successor.