By Colin Kellaher
SmartRent has ousted its new chief executive, Shane Paladin, after less than two months at the helm of the provider of smart-home solutions to the rental housing industry.
SmartRent on Thursday said Paladin, who joined the Scottsdale, Ariz., company as president, CEO and a director in February, has stepped down at the request of the board.
The company didn't specify a reason for the departure of Paladin, who was hired at an annual base salary of $650,000 and will receive severance that includes a lump-sum cash payment of $81,250.
SmartRent said its chairman, John Dorman, has stepped in as interim CEO, while board member Alison Dean will serve as lead independent director.
The company said it has launched a search for its next CEO, adding that Paladin will remain in an advisory role for three months to assist with the transition, after which he will be eligible for another lump-sum payment of $81,250.
SmartRent last year parted ways with Lucas Haldeman, its previous CEO, saying it needed a new leader with a different skill set and fresh perspective. The company's chief financial officer, Daryl Stemm, served as interim principal executive until Paladin joined in February.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
April 10, 2025 09:41 ET (13:41 GMT)
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