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AMERICAN TOWER CORP /MA/ 8-K Report, Executive Changes (Mar 1, 2024)

Reports
Leadership Changes
Filing Date
Filed March 1, 2024
Period End
February 28, 2024
Security
AMT
In the record · 2016–202610-K1110-Q328-K268

AMT filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 268 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · May ’18May ’18
  2. Material agreement8-K · Sep ’20Sep ’20
  3. Leadership change8-K · Oct ’22Oct ’22
  4. Leadership change8-K · Sep ’26Sep ’26

01—Abstract

Summary

Summary of the 8-K filed March 1, 2024. Cited figures are marked; the original filing is the authoritative source.

American Tower Corporation (AMT) filed an 8-K on February 29, 2024, detailing executive compensation for the fiscal year 2024.

The Compensation Committee approved base salaries and cash bonus incentive targets for its named executive officers. Notably, Steven O. Vondran, who recently became President and CEO on February 1, 2024, has a base salary of $1,000,000a with a target cash bonus of 200% of his base salary, totaling $2,000,000.

This compensation for Mr. Vondran was previously approved on February 5, 2024. Thomas A. Bartlett, who stepped down as CEO effective February 1, 2024, will serve as an advisor to the CEO until May 1, 2024.

His approved 2024 compensation, including a base salary of $1,100,000b and a pro-rated target bonus of 200% of base salary ($2,200,000), was also previously approved. The bonus payouts for all named executive officers are contingent upon achieving pre-established company and individual financial goals, with the potential for increases up to 200% of the target bonus if goals are exceeded.

02—Key points

Key Highlights

  1. Approval of 2024 base salaries and cash bonus incentive targets for named executive officers.
  2. Steven O. Vondran, the new President and CEO, has a 2024 base salary of $1,000,000 and a target bonus of 200% ($2,000,000).
  3. Thomas A. Bartlett, transitioning from CEO to Advisor, has a 2024 base salary of $1,100,000 and a pro-rated target bonus of 200% ($2,200,000).
  4. Bonus payouts are tied to the achievement of company and individual performance goals.
  5. The Compensation Committee can increase annual cash bonuses up to a maximum of 200% of the target bonus.
  6. Details on executive compensation for 2024 were previously approved by the Compensation Committee on February 5, 2024.

03—Questions

Frequently Asked Questions

  1. What is the primary purpose of this 8-K filing?

    This 8-K filing primarily discloses the 2024 compensation arrangements, specifically base salaries and target cash bonuses, for American Tower Corporation's named executive officers as determined by the Compensation Committee.

  2. What is the potential total cash compensation for the new CEO, Steven O. Vondran?

    Steven O. Vondran has a 2024 base salary of $1,000,000 and a target cash bonus of 200% of his base salary, which amounts to $2,000,000. His total potential target cash compensation is $3,000,000, with the actual bonus payout dependent on performance.

  3. How are executive bonuses determined?

    Executive bonuses are determined based on the achievement of pre-established company financial goals and individual goals and objectives for each executive. If these goals are exceeded, the Compensation Committee has the discretion to increase the bonus up to a maximum of 200% of the executive's target bonus.

  4. What is the compensation structure for Thomas A. Bartlett after stepping down as CEO?

    Thomas A. Bartlett, who is now an Advisor to the CEO, has a 2024 base salary of $1,100,000. His target cash bonus is 200% of his base salary ($2,200,000), but this bonus will be pro-rated based on his service as an advisor in 2024.

04—Continue

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