- Ken Porpora, a 24-year veteran at the home and security services firm ADT, will take the CFO seat, while his predecessor Jeff Likosar moves to become chief transformation officer as well as president of corporate development.
- The executive swap comes as the company moves to execute on a “transformational plan” announced to investors during its March investor day, ADT CEO Jim DeVries said Wednesday in the company announcement.
- “At our investor day in March we shared a bold and strategic long-term vision for ADT — a transformational plan that drives growth in revenue, earnings, and cash flows to strengthen our financial performance,” DeVries said in the announcement. “We have an extraordinary foundation in place, and the strength of our entire ADT leadership team positions us well to continue driving growth and delivering superior results.”
Likosar has served as ADT’s CFO for five years beginning in October 2016, per his LinkedIn page. Prior to joining the security firm, he acted as CFO for industrial manufacturer Gardner Denver. He also held several executive positions at computer technology firm Dell, acting as their VP, productivity transformation and CFO, end user computing and operations as well as VP and CFO of their Business Unit Operations.
Porpora most recently served as EVP of finance for ADT, beginning the role in May 2021. He has held other key executive positions throughout his 24-year tenure at the security firm, including acting as its SVP and chief growth officer beginning December 2018, its SVP and CFO for residential and its VP and CFO for Senior Residential Finance, per his LinkedIn profile. He started as ADT’s controller, residential sales and marketing in July 1998.
The company in March outlined its long-term strategy to accelerate growth as well as drive shareholder value, stating a goal of $10 billion in total revenue, about $3 billion in adjusted EBITDA and $1 billion debt reduction by 2025.
ADT’s long-term growth strategy includes building on its partnership with technology company Google and growing both its commercial and solar businesses and is also building out its ADT+ smart home security platform, per a Mar. 2 press release. It will also be investing in core monitoring capabilities in order to improve alarm handling time as well as moving to modernize its customer experience as part of this strategy, the company said
ADT reported its second quarter total revenue rose 23% to $1.6 billion in total revenue compared to the year-earlier period, according to an Aug. 4 release.
It also expanded its ADT Solar unit into two additional states — Maryland as well as Colorado — with about 15% of new solar sales generated by the ADT ecosystem for the quarter, according to the company’s earnings results. It credited its partnership with technology firm Google, with the company now selling a full suite of Google Nest products, for a 23% bump in residential installation revenue as well.
Porpora did not immediately respond to requests for comment.