Vivint Smart Home Inc. said Monday that Chief Executive Todd Pedersen will step down from his role, once a successor has been found. Pedersen, who also founded the company, will remain on the integrated smart home company’s board of directors. Pedersen founded the company in 1999 as APX Alarm, then rebranded the company to Vivint in 2010. “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. The stock, which was still inactive in premarket trading, has tumbled 35.1% year to date, while the S&P 500 has gained 10.6%.

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