SBA Communications Corporation announced that Jeff Stoops will retire from his positions as President on December 31, 2023. SBA's Board of Directors has appointed Brendan Cavanagh, SBA's Executive Vice President and Chief Financial Officer, to succeed Mr. Stoops as President, at which time Mr. Cavanagh shall also be appointed to the Company's Board of Directors. Mr. 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.

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 Mr. Cavanagh's tenure as CFO, SBA's total revenues have grown by 555% and its enterprise value has expanded from $6 billion to $43 billion.

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. Mr. Stoops 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. Mr. Stoops is the longest-serving public company CEO in the history of the global wireless tower industry. During Mr. Stoops' tenure as CEO, through December 31, 2022, SBA has delivered annualized total shareholder returns of 16% and annualized growth in enterprise value of 17%.