Vivint Smart Home Inc. said Monday it named David Bywater its new chief executive officer, as current CEO Todd Pedersen steps down as previously announced. Bywater has been CEO of Vivint Solar since December 2016, and was chief operating of Vivint Smart Home for about three years before that. He will become CEO of the smart home systems company effective June 15. Pedersen had said on May 24 that he would step down, once a successor was found. The stock, which was still inactive in premarket trading, has dropped 32.9% year to date, while the S&P 500 has gained 12.6%.

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