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American Tower CEO Jim Taiclet Steps Down To Become CEO Of Lockheed Martin

American Tower Corp.'s (AMT) President, Chief Executive Officer and executive Chairman Jim Taiclet has stepped down from the company to become president and CEO of Lockheed Martin.

In Monday pre-market trade, AMT is trading at $213.84, down $25.15 or 10.52 percent.

American Tower has appointed Tom Bartlett to succeed Taiclet as President and Chief Executive Officer, effective immediately.

Bartlett has served as American Tower's Executive Vice President and Chief Financial Officer for over ten years, joining the company from Verizon Communications, Inc. in April 2009 after a career there of more than 25 years.

Rod Smith, American Tower's current Senior Vice President, Corporate Finance and Treasurer will become the new Executive Vice President, Chief Financial Officer and Treasurer. Smith has been with the company for more than ten years, including serving as Chief Financial Officer of the Company's U.S. Tower Division.

Taiclet joined American Tower in 2001 as President and Chief Operating Officer and became its Chief Executive Officer and Chairman in 2003, succeeding Company founder Steven Dodge.

Taiclet will continue as executive Chairman until the company's 2020 annual meeting, after which point, Pamela Reeve, the company's current lead independent director, will become non-executive Chair of the Board.

Following his departure from American Tower, Taiclet, who currently serves on the Board of Lockheed Martin, will become its President and Chief Executive Officer, replacing Marillyn Hewson.

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