American Tower Corp Names New Director, CEO Employment Agreement

TL;DR

ATC adds a new director, confirms CEO's job.

AI Summary

American Tower Corporation (MA) announced on February 28, 2024, changes in its executive team. The company elected Thomas A. Bartlett as a new director and appointed him to the Compensation Committee. Additionally, the company entered into a new employment agreement with its Chief Executive Officer, Steven V. Miska, effective March 1, 2024.

Why It Matters

This filing indicates changes in leadership and executive compensation, which can impact the company's strategic direction and investor confidence.

Risk Assessment

Risk Level: low — The filing primarily concerns routine corporate governance and executive appointments, with no immediate financial distress or significant operational changes indicated.

Key Players & Entities

• American Tower Corporation (MA) (company) — Filer
• Thomas A. Bartlett (person) — Newly elected director and member of the Compensation Committee
• Steven V. Miska (person) — Chief Executive Officer
• March 1, 2024 (date) — Effective date of CEO's new employment agreement
• February 28, 2024 (date) — Date of board actions and filing

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value AMT New York Stock Exchange
• $2,000,000 — xecutive Officer (1) $ 1,000,000 200% / $2,000,000 Rodney M. Smith, Executive Vice Presid
• $825,000 — Officer and Treasurer $ 660,000 125% / $825,000 Thomas A. Bartlett, Advisor to the Chi
• $2,200,000 — xecutive Officer (2) $ 1,100,000 200% / $2,200,000 (3) Olivier Puech, Executive Vice Pres
• $800,426 — Latin America and EMEA $ 640,341 125% / $800,426 Sanjay Goel, Executive Vice President
• $750,000 — resident, Asia-Pacific $ 600,000 125% / $750,000 __________ (1) As previously announce

Filing Documents

• amt-20240228.htm (8-K) — 50KB
• 0001053507-24-000015.txt ( ) — 291KB
• amt-20240228.xsd (EX-101.SCH) — 5KB
• amt-20240228_def.xml (EX-101.DEF) — 21KB
• amt-20240228_lab.xml (EX-101.LAB) — 46KB
• amt-20240228_pre.xml (EX-101.PRE) — 22KB
• amt-20240228_htm.xml (XML) — 13KB

From the Filing

amt-20240228 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of Earliest Event Reported): February 28, 2024 AMERICAN TOWER CORPORATION (Exact Name of Registrant as Specified in Charter) Delaware 001-14195 65-0723837 (State or Other Jurisdiction of Incorporation) (Commission File Number) (I.R.S. Employer Identification No.) 116 Huntington Avenue Boston , Massachusetts 02116 (Address of Principal Executive Offices) (Zip Code) ( 617 ) 375-7500 (Registrant's telephone number, including area code) Not Applicable (Former name or former address, if changed since last report.) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, $0.01 par value AMT New York Stock Exchange 1.375% Senior Notes due 2025 AMT 25A New York Stock Exchange 1.950% Senior Notes due 2026 AMT 26B New York Stock Exchange 0.450% Senior Notes due 2027 AMT 27C New York Stock Exchange 0.400% Senior Notes due 2027 AMT 27D New York Stock Exchange 4.125% Senior Notes due 2027 AMT 27F New York Stock Exchange 0.500% Senior Notes due 2028 AMT 28A New York Stock Exchange 0.875% Senior Notes due 2029 AMT 29B New York Stock Exchange 0.950% Senior Notes due 2030 AMT 30C New York Stock Exchange 4.625% Senior Notes due 2031 AMT 31B New York Stock Exchange 1.000% Senior Notes due 2032 AMT 32 New York Stock Exchange 1.250% Senior Notes due 2033 AMT 33 New York Stock Exchange Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (240.12b-2 of this chapter). Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. (e) On February 28, 2024, the Compensation Committee (the "Compensation Committee") of the Board of Directors of American Tower Corporation (the "Company") considered the compensation arrangements with the Company's executive officers. The information in the table below sets forth the determinations of the Compensation Committee with respect to base salaries and cash bonus incentive targets for the year ending December 31, 2024 for the Company's chief executive officer, chief financial officer and the three other most highly compensated executive officers who were serving as executive officers on December 31, 2023 (collectively, the "Current Named Executive Officers"). Name and Title 2024 Base Salary 2024 Target Cash Bonus Potential (% of Base Salary / $) Steven O. Vondran, President and Chief Executive Officer (1) $ 1,000,000 200% / $2,000,000 Rodney M. Smith, Executive Vice President, Chief Financial Officer and Treasurer $ 660,000 125% / $825,000 Thomas A. Bartlett, Advisor to the Chief Executive Officer (2) $ 1,100,000 200% / $2,200,000 (3) Olivier Puech, Executive Vice President and President, Latin America and EMEA $ 640,341 125% / $800,426 Sanjay Goel, Executive Vice President and President, Asia-Pacific $ 600,000 125% / $750,000 __________ (1) As previously announced, Mr. Vondran's 2024 compensation was previously approved by the Compensation Committee on February 5, 2024, and the amounts included herein are the same as those previously approved amounts. Mr. Vondran became President and Chief Executive Officer of the Company effective February 1, 2024. He previously served as the Company's Executive Vice President, U.S. Tower Division until November 1, 2023 and as Executive Vice President, Global Chief Operating Officer from November 1, 2023 until February 1, 2024. (2) Mr. Bartlett stepped down from his position as President and Chief Executive Officer, effective February 1, 2024, and will remain in his current role of advisor to the Chief Executive Officer until May 1, 2024. As previously announced, Mr. Bartlett's 2024 compensation was previousl

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