On Wednesday RBR+TVBR shared the news that a co-founder of American Tower Corp., former U.S. Senate candidate Tom Stoner, has died at the age of 88. Stoner played a key role in the launch of publicly traded American Tower, which was led by the late Steve Dodge.
Now, a CEO shift is set to commence at American Tower, as its President/CEO has announced his retirement.
February 1, 2024 will be the final day that Thomas Bartlett will hold the role at American Tower. He will also step down as a member of the company’s board of directors.
Bartlett’s announcement was no surprise to the board, which has undertaken “a deliberate and thorough succession planning process over the last several years.” As such, American Tower has named Steve Vondran as Bartlett’s successor.
To facilitate the transition, American Tower’s board has named Vondran to the role of EVP/Global Chief Operating Officer for an interim period beginning November 1 and concluding on February 1, 2024.
Vondran has served as American Tower’s President of the U.S. Tower Division, which includes the U.S. data center business, since August 2018. He’s held various leadership positions since joining the company in 2000, and was SVP/General Counsel for the U.S. Tower Division from 2010 to 2018.
Under Vondran’s tenure and leadership, American Tower’s U.S. and Canada business has amassed a portfolio of nearly 43,000 sites. In fiscal 2022, the U.S. and Canada business, inclusive of data centers, generated nearly $5.8 billion in property revenue, an increase of approximately 270% since 2010.
“I am incredibly honored for the privilege of leading our company, and its talented employees, and look forward to extending our long track record of growth and success as we embark on an exciting time for American Tower,” Vondran said. “Supported through Tom’s vision and execution, our global portfolio of communications assets has us well positioned to drive sustained growth and shareholder returns as the networks of the future evolve in support of insatiable data consumption and low latency performance demand. I want to thank Tom for his leadership of our Company and the close partnership we have formed for well over a decade, and wish him all the best in retirement.”
Bartlett joined American Tower in 2009 as its EVP/CFO and rose to CEO in 2020. Under his leadership American Tower launched operations in over 20 markets, achieved Investment Grade credit status with each of the three major rating agencies, successfully converted into a real estate investment trust (REIT) and delivered cumulative total shareholder returns exceeding 500%, the company points out.
JOYEUX NOEL
With the promotion of Vondran, Bud Noel is being promoted Vondran’s present role from SVP/COO of the U.S. Tower Division.
That change is effective Nov. 1, and sees Noel rising after 12 years with American Tower. He’s previously worked at such companies as Sprint Nextel and LightSquared.
NET INCOME BEATS STREET IN Q3
The news of Bartlett’s retirement came as American Tower, one of the best-performing communications industry stocks on the U.S. financial markets, released its third quarter results.
For the three-month period ending September 30, revenue climbed to $2.819 billion, from $2.672 billion. This easily exceeded the consensus estimate of $2.76 billion offered by 13 analysts polled by Yahoo! Finance.
Net income dipped to $586.9 million ($1.26 per share), from $839.7 million ($1.80). But, that was hardly downbeat news, as 14 analysts polled by Yahoo! Finance anticipated Q3 2023 EPS of $1.13.
In pre-market trading ahead of the NYSE opening bell, AMT was trading at $162.50, up 57 cents from Wednesday’s close. At the closing bell, AMT was at $175.06, thanks to a stunning 8.1% increase. American Tower shares went ex-dividend on October 10, and AMT presently has a 1-year target estimate of $209.13.
For investors, now is the time to perhaps invest in AMT, as shares are just above a five-year low, with all gains seen since the start of 2019 evaporated; it was in December 2021 when AMT hit $252.50 per share, its highest-ever finish.
For long-term holders of AMT, the benefits remain strong, as the company’s stock some 21 years ago was valued at just $1.41.
