American Tower Corporation (NYSE: AMT) has recently announced the election of Neville R. Ray to its board of directors. Ray, who served as T-Mobile's president of technology until 2023, brings more than 30 years of experience in building and operating wireless networks. He is recognized for his knowledge of American Tower and the competitive ecosystem in the telecommunications industry. American Tower's President and CEO, Steve Vondran, expressed excitement about Ray's addition to the board, highlighting his extensive operational and technical expertise.
In addition to this appointment, American Tower declared a quarterly cash distribution of $1.62 per share on its common stock. This represents a decrease from the previous quarter's dividend of $1.70 per share. The company intends to maintain an annual dividend payout in 2024 that is relatively flat compared to the previous year, subject to board approval. Furthermore, it anticipates paying out its annual dividend through a flat quarterly dividend per share cadence in 2024, also subject to board approval.
American Tower Corporation is a leading independent owner, operator, and developer of multitenant communications real estate, with a portfolio of over 224,000 communications sites and a highly interconnected footprint of U.S. data center facilities. The market has reacted to these announcements by moving the company's shares -1.6% to a price of $199.19. For the full picture, make sure to review American Tower's 8-K report.
