Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(b) and (c)
On February 17, 2023, Mr. Jeffrey Stoops, President and Chief Executive Officer
of SBA Communications Corporation (the "Company"), provided notice of his intent
to retire from his position as President and Chief Executive Officer on
December 31, 2023. Mr. Stoops shall remain on the Company's Board of Directors
(the "Board") and, upon his retirement, shall assume the position of
non-executive Chairman of the Board.
On February 17, 2023, the Board approved the CEO succession plan, pursuant to
which Mr. Brendan Cavanagh, currently the Company's Executive Vice President and
Chief Financial Officer, will succeed Mr. Stoops as President and Chief
Executive Officer, effective January 1, 2024. The Board expects to appoint
Mr. Cavanagh to the Board concurrently with his assuming the position of
President and Chief Executive Officer on January 1, 2024. The Company intends to
appoint its next Chief Financial Officer later this year.
Mr. Cavanagh, 51, joined the Company 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.
There is no arrangement or understanding between Mr. Cavanagh and any other
person pursuant to which Mr. Cavanagh has been appointed as President and Chief
Executive Officer. There are no family relationships between Mr. Cavanagh and
any of the Company's directors and executive officers, and Mr. Cavanagh is not a
party to any transaction, or any proposed transaction, required to be disclosed
pursuant to Item 404(a) of Regulation S-K.
A copy of the press release announcing the retirement of Mr. Stoops and the
appointment of Mr. Cavanagh is furnished with this report as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
As described in Item 5.02 of this Current Report on Form 8-K, the following
exhibits are furnished as part of this Current Report.
Exhibit No. Description
99.1 Press release issued by SBA Communications Corporation on
February 21, 2023.
104 Cover Page Interactive File (the cover page tags are embedded
within the Inline XBRL document).
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