8-KLeadership Changes

AMERICAN TOWER CORP /MA/ 8-K Report, Executive Changes (Mar 2, 2023)

Filed March 2, 2023For Securities:AMT

Summary

American Tower Corporation (AMT) filed an 8-K on March 1, 2023, detailing executive compensation for the fiscal year 2023. The filing primarily addresses the base salaries and target cash bonus incentives for its named executive officers, as determined by the Compensation Committee of the Board of Directors. This information is crucial for investors to understand the incentive structure and potential variable compensation for key leadership personnel. The report highlights the established base salaries and the potential percentage of base salary that can be earned as a cash bonus for the CEO, CFO, and three other highly compensated executives. Notably, the CEO, Thomas A. Bartlett, has a significant bonus target of 200% of his base salary, indicating a strong performance-based compensation component. The Compensation Committee will evaluate bonuses based on the achievement of pre-established Company financial and individual goals, with the potential for bonuses to increase up to a maximum of 200% of the target.

Key Highlights

  • 1The Compensation Committee has set the 2023 base salaries and target cash bonus incentives for key named executive officers.
  • 2CEO Thomas A. Bartlett has a 2023 base salary of $1,100,000 with a target cash bonus of 200% ($2,200,000).
  • 3CFO Rodney M. Smith has a 2023 base salary of $640,000 with a target cash bonus of 125% ($800,000).
  • 4Other named executive officers also have defined base salaries and target cash bonuses, ranging from 125% to 0% of base salary for Mr. DiSanto.
  • 5Bonus payouts will be determined by the achievement of pre-established Company financial goals and individual executive goals.
  • 6The annual cash bonus incentive can be increased by the Compensation Committee, up to a maximum of 200% of the executive's bonus target, if goals are exceeded.
  • 7Further details on executive compensation will be provided in the Company's 2023 Proxy Statement.

Frequently Asked Questions

The primary purpose of this 8-K filing is to disclose the 2023 base salaries and target cash bonus incentives for American Tower Corporation's named executive officers, as determined by the Compensation Committee.

Executive bonuses will be based on the achievement of pre-established Company financial goals and individual goals and objectives for each named executive officer. The Compensation Committee has the discretion to increase the bonus payout if goals are exceeded, up to a maximum of 200% of the target bonus.

For 2023, CEO Thomas A. Bartlett has a base salary of $1,100,000 and a target cash bonus of 200% of his base salary ($2,200,000). CFO Rodney M. Smith has a base salary of $640,000 and a target cash bonus of 125% of his base salary ($800,000).

Edmund DiSanto, currently serving as Executive Vice President, Special Advisor and Counsel to the Chief Executive Officer, has a target cash bonus of 0% of his base salary for 2023. This reflects his current advisory role following a transition from his previous executive position.