CFO Brendan Cavanagh to Succeed Jeff Stoops as
President and CEO upon his Retirement
SBA Communications Corporation (NASDAQ: SBAC) (“SBA” or the
“Company”), a leading global owner and operator of communications
infrastructure, announced today that Jeff Stoops will retire from
his positions as President and Chief Executive Officer on December
31, 2023. SBA’s Board of Directors has appointed Brendan Cavanagh,
SBA’s Executive Vice President and Chief Financial Officer, to
succeed Mr. Stoops as President and CEO, at which time Mr. Cavanagh
shall also be appointed to the Company’s Board of Directors. Mr.
Stoops shall remain on the Company’s Board of Directors, and upon
his retirement shall assume the position of non-executive Chairman
of the Board. Steven Bernstein, SBA’s founder and current Chairman
of the Board of Directors, will continue to serve on the Board, and
Jack Langer will continue in his role as lead independent director.
The Company intends to appoint its next Chief Financial Officer
later this year.
Brendan Cavanagh joined SBA in February 1998 after spending
several years as a CPA in the assurance practice of Arthur
Andersen. During his 25-year career at SBA, he has served in a
number of positions of increasing responsibility, including in
Mergers & Acquisitions, as Vice President - Site Administration
and as Chief Accounting Officer, prior to becoming the Company’s
Chief Financial Officer in 2008. During Mr. Cavanagh’s tenure as
CFO, SBA’s total revenues have grown by 555% and its enterprise
value has expanded from $6 billion to $43 billion.
”It has been a tremendous privilege to work side by side with
Jeff from the very early days of the wireless infrastructure
industry through a period of significant growth to the current
state of SBA as a top-performing, multinational company. I am
extremely thankful to Jeff for his guidance and support over the
last quarter century,” said Brendan Cavanagh, the Company’s next
President and CEO. “I am also very excited for the future of SBA. I
see many opportunities to support our customers in their continuing
efforts to expand the capabilities and depth of their wireless
networks in order to meet the constantly growing demand for
enhanced wireless services. SBA’s strong foundation and talented
leadership team position us well to be a key contributor to our
customers’ future success. I am deeply honored to be entrusted with
the leadership of such an extraordinary organization, and I look
forward to the next chapter for SBA.”
Jeff Stoops joined SBA in March, 1997, initially as Executive
Vice President and General Counsel, with the primary charge of
leading SBA’s transition from a services provider to the U.S.
wireless carrier industry to an independent owner and operator of
wireless communications towers. SBA acquired its first towers in
June, 1997. Mr. Stoops later served as the Company’s Chief
Financial Officer, including during its initial public offering in
June, 1999, and later President, before being appointed CEO
effective January 1, 2002. As of December 31, 2022, SBA was
operating in 16 countries, and owned close to 40,000 tower sites.
Mr. Stoops is the longest-serving public company CEO in the history
of the global wireless tower industry. During Mr. Stoops’ tenure as
CEO, through December 31, 2022, SBA has delivered annualized total
shareholder returns of 16% and annualized growth in enterprise
value of 17%.
“I am extremely blessed and fortunate to have had the
opportunity to lead SBA and work with world-class colleagues in a
remarkably dynamic and successful industry” commented Jeff Stoops,
President and CEO. “I am very proud of the industry we have shaped,
the customers we have served, the shareholders we have rewarded and
the employees and communities we have benefitted. I want to give a
heartfelt thanks to all who helped me on this remarkable journey,
which continues. The time has come to turn the leadership of SBA
over to the next generation. I am very excited about the future of
SBA under the leadership of Brendan and the rest of our strong
executive team. Brendan has been my partner and right-hand for many
years, and during that time Brendan has been intimately involved in
everything of importance for our Company, including managing our
strong balance sheet and capital allocation program. He possesses
the skills, character and vision to lead SBA to new heights in an
ever-changing industry. The Board, Brendan and I have been
preparing Brendan to succeed me for some time, and I will retire
with the confidence and comfort in the knowledge that SBA will be
in strong and capable hands. We expect the transition will be
smooth and seamless, and I look forward to continuing my long
relationship with Brendan and SBA as Chairman of the Board of
Directors.”
Steven Bernstein, current Chairman of the Board of SBA, said
“Jeff has had a tremendous impact on our company and industry. The
Board is grateful for his leadership over two decades, a period of
time driven by clear and focused vision, outstanding operational
execution and integrity. During that time our shareholders have
been rewarded handsomely, our customers well-served and the lives
of our employees and communities improved. Given the importance of
finding the right successor for Jeff, our Board approached this
change of leadership in a very diligent manner. Working closely
with Jeff, the Board identified Brendan as his successor and is
implementing a leadership succession process that will benefit all
of our constituents. Brendan is a talented and experienced leader
who has worked across SBA in a variety of areas since joining SBA
25 years ago. We know he is ready for the CEO role, and we look
forward to working closely with Brendan for the continued success
of SBA, our shareholders, customers and employees.”
Information Concerning Forward-Looking
Statements
This press release includes forward-looking statements,
including statements regarding the Company’s expectations or
beliefs regarding (i) future customer activity and demand for the
Company’s wireless communications infrastructure, (ii) the ability
of its management team to position the Company to be a key
contributor in such activity and (iii) the future operational and
financial performance of the Company.
The Company wishes to caution readers that these forward-looking
statements may be affected by the risks and uncertainties in the
Company’s business as well as other important factors may have
affected and could in the future affect the Company’s actual
results and could cause the Company’s actual results for subsequent
periods to differ materially from those expressed in any
forward-looking statement made by or on behalf of the Company. With
respect to the Company’s expectations regarding all of these
statements, including its financial and operational guidance, such
risk factors include, but are not limited to: (1) the impact of
recent macro-economic conditions, including increasing interest
rates, inflation and financial market volatility on (a) the ability
and willingness of wireless service providers to maintain or
increase their capital expenditures, (b) the Company’s business and
results of operations, and on foreign currency exchange rates and
(c) consumer demand for wireless services; (2) the economic climate
for the wireless communications industry in general and the
wireless communications infrastructure providers in particular in
the United States, Brazil, South Africa, Tanzania, and in other
international markets; (3) the Company’s ability to accurately
identify and manage any risks associated with its acquired sites,
to effectively integrate such sites into its business and to
achieve the anticipated financial results; (4) the Company’s
ability to secure and retain as many site leasing tenants as
planned at anticipated lease rates; (5) the Company’s ability to
manage expenses and cash capital expenditures at anticipated
levels; (6) the impact of continued consolidation among wireless
service providers in the U.S. and internationally, including the
impact of the completed T-Mobile and Sprint merger, on the
Company’s leasing revenue and the ability of Dish to compete as a
nationwide carrier; (7) the Company’s ability to successfully
manage the risks associated with international operations,
including risks associated with foreign currency exchange rates;
(8) the Company’s ability to secure and deliver anticipated
services business at contemplated margins; (9) the Company’s
ability to acquire land underneath towers on terms that are
accretive; (10) the Company’s ability to obtain future financing at
commercially reasonable rates or at all; (11) the Company’s ability
to achieve the new builds targets included in its anticipated
annual portfolio growth goals, which will depend, among other
things, on obtaining zoning and regulatory approvals, weather,
availability of labor and supplies and other factors beyond the
Company’s control that could affect the Company’s ability to build
additional towers in 2023; and (12) the Company’s ability to meet
its total portfolio growth, which will depend, in addition to the
new build risks, on the Company’s ability to identify and acquire
sites at prices and upon terms that will provide accretive
portfolio growth, competition from third parties for such
acquisitions and our ability to negotiate the terms of, and
acquire, these potential tower portfolios on terms that meet our
internal return criteria. In addition, these forward-looking
statements and the information in this press release is qualified
in its entirety by cautionary statements and risk factor
disclosures contained in the Company’s Securities and Exchange
Commission filings, including the Company’s Annual Report on Form
10-K filed with the Commission on March 1, 2022.
This press release will be available on our website at
www.sbasite.com.
About SBA Communications
Corporation
SBA Communications Corporation is a leading independent owner
and operator of wireless communications infrastructure including
towers, buildings, rooftops, distributed antenna systems (DAS) and
small cells. With a portfolio of more than 39,000 communications
sites in 16 markets throughout the Americas, Africa and the
Philippines, SBA is listed on NASDAQ under the symbol SBAC. Our
organization is part of the S&P 500 and is one of the top Real
Estate Investment Trusts (REITs) by market capitalization. For more
information, please visit: www.sbasite.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20230221005736/en/
Mark DeRussy, CFA Capital Markets 561-226-9531
Lynne Hopkins Media Relations 561-226-9431
SBA Communications (NASDAQ:SBAC)
過去 株価チャート
から 6 2024 まで 7 2024
SBA Communications (NASDAQ:SBAC)
過去 株価チャート
から 7 2023 まで 7 2024