SBA Communications Corporation (NASDAQ: SBAC) announced this week 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 Stoops as President and CEO, at which time Cavanagh shall also be appointed to the company’s Board of Directors.
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. SBA said it intends to appoint its next Chief Financial Officer later this year.
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. He 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. During his tenure as CEO, through December 31, 2022, SBA has delivered annualized total shareholder returns of 16 percent and annualized growth in enterprise value of 17 percent.
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 Cavanagh’s tenure as CFO, the company reported its total revenues have grown by 555 percent 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,” Cavanagh said.
“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.”
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