Red Robin’s CFO to Move to Iron Mountain

Stuart Brown combines "both REIT expertise and deep operational experience within large, global organizations," Iron Mountain's CEO says.
Katie Kuehner-HebertJune 15, 2016

Storage and information management company Iron Mountain on Wednesday said Roderick Day is stepping down as CFO and named former Red Robin finance chief Stuart Brown as his replacement.

Day, 52, joined Boston-based Iron Mountain in 2008, serving as CFO since November 2013. The company said he was leaving “due to personal reasons that do not permit him to permanently relocate his family to Boston, as originally contemplated.”

Red Robin had announced Tuesday that Brown, 50, would step down July 15 “to accept an opportunity outside the restaurant industry” after serving as CFO since 2011.

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Iron Mountain CEO William L. Meaney said Brown’s background “matches up well” with the organizational structure of the company, which operates as a real estate investment trust.

“It is extremely rare to find a seasoned financial executive with both REIT expertise and deep operational experience within large, global organizations,” he said in a news release. “Throughout his career, Stuart has been heavily engaged in capital markets transactions, M&A and real estate investment, while enhancing balance sheets and engineering both financial and operationally based strategic plans.”

Before joining Red Robin, Brown was CFO for the DCT Industrial Trust REIT, chief accounting officer for Federal Realty Investment Trust, and held a variety of positions at multinational food retailer Royal Ahold.

“His REIT background ensures a continued high level of focus on capital allocation given our dividend payout requirement as a REIT and growth expectations tied to our 2020 strategic plan,” Meaney said.

Iron Mountain converted to an REIT in 2014. Meaney praised Day as “an exceptional finance leader” who “has helped drive significant value creation for Iron Mountain throughout recent transformative events for the company.”

At Red Robin, Terry Harryman, the company’s chief accounting officer and controller for the past four years, will serve as interim CFO while the company conducts a comprehensive search to fill that position permanently.