Anthony Carlson
President and Chief Executive Officer (effective November 16, 2025) at ARRAY DIGITAL INFRASTRUCTURE
CEO
Executive
Board
About Anthony Carlson
Anthony Carlson (age 39) becomes President and CEO of Array Digital Infrastructure effective November 16, 2025, and simultaneously joins the Board of Directors; he previously held roles across Array/UScellular and TDS Telecom and is a Trustee of the TDS Voting Trust . He holds an A.B. from Harvard College and an M.B.A. with distinction from Harvard Business School . During Q3 2025, Array reported $47.1M in total operating revenues (vs. $25.7M YoY) and net income of $108.8M (vs. $(95.9)M YoY), with site rental revenue up 68% YoY after launching a T-Mobile MLA—providing an improving backdrop as his tenure begins . Governance is influenced by Array’s “controlled company” status under NYSE rules (TDS owns ~82% of Array as of 9/30/25), with Chair/CEO roles separated (Chair: Walter C.D. Carlson) .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| TDS Telecommunications LLC | Vice President, Organizational Transformation | Sep 2024–Nov 2025 | Guided senior leadership in designing/implementing a comprehensive roadmap for TDS Telecom’s future . |
| Array/UScellular and related TDS entities | Various roles including Interim Area VP, Northwest (2021); Senior Director, Growth Marketing Strategy & Execution (2021–Sep 2024) | 2020–2024 | Led growth marketing strategy/execution; prior analytical, finance, sales, and marketing roles . |
| McKinsey & Company | Consultant | Prior to 2020 | Strategy and operations advisory experience . |
| Samsung Electronics | Roles in industry | Prior to 2020 | Global technology and product/operations exposure . |
External Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| TDS Voting Trust | Trustee | Ongoing | Trustees collectively control a majority of TDS Series A voting power; alignment and influence over Array’s controlling shareholder . |
Fixed Compensation
| Element | Amount/Structure | Timing/Notes |
|---|---|---|
| Base salary | $400,000 | Effective Nov 16, 2025; subject to annual merit review each February (effective retroactive to Jan 1) . |
| Target annual bonus | 60% of base salary (pro‑rated for 2025 service as CEO) | 2025 bonus paid in 2026; pro‑rated from Nov 16, 2025 . |
| Benefits | Standard executive benefits (medical, life, 401(k)) | Consistent with other executives . |
| Vacation | 5 weeks annually | Standard for the role . |
| 2024 pay (while not CEO) | 2024 average salary $219,981; 2024 bonus paid in 2025: $91,300 | Paid while employed at Array/TDS prior to CEO appointment . |
Performance Compensation
| Instrument/Metric | Weighting | Target | Actual | Payout | Vesting/Notes |
|---|---|---|---|---|---|
| 2026 LTIP target (aggregate) | — | 140% of base salary | — | — | Award anticipated in March 2026; metrics set annually and subject to change YoY . |
| RSUs (program design) | ~50% of target LTIP (program-level design) | Time-based | — | — | Half of target LTIP typically in RSUs per program; specifics for 2026 not yet disclosed . |
| PSUs (program design) | ~50% of target LTIP (program-level design) | Company metrics set by Board | — | — | Half of target LTIP typically in PSUs; 2026 metrics TBD . |
Notes:
- Metrics for Anthony’s 2026 award are not yet disclosed; Array historically uses a mix of RSUs and PSUs and reviews metrics annually .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Array common shares owned (director/officer table) | Not listed for Anthony in the Aug 1, 2025 Array beneficial ownership table (he was not yet a director/officer at that date) . |
| Pledging/hedging policy | Directors and officers are prohibited from pledging, shorting, or trading derivatives in Array/TDS securities per policy filed as Exhibit 19 to Array’s 2024 10‑K . |
| Executive ownership guidelines | Array “did not have a formal policy relating to stock ownership by executive officers” as of the 2025 proxy . |
| TDS Voting Trust alignment | As a Trustee of the TDS Voting Trust, Anthony is part of the group that beneficially owns 7,210,499 TDS Series A shares (95.6% of class) and 6,301,814 TDS common shares (5.8% of class), representing 54.2% of TDS voting power from Series A and 2.5% of total TDS voting power—reinforcing alignment with Array’s controlling shareholder . |
Employment Terms
- Effective date and status: CEO and director effective Nov 16, 2025; employment is at‑will .
- Restrictive covenants: Offer contingent on signing Confidentiality/Non‑Solicitation/Non‑Competition Agreement; specific non‑compete scope/duration not disclosed in the filing .
- Severance/change‑of‑control: Not disclosed in the CEO offer letter excerpted in the 8‑K; no severance multiples, triggers, or CIC acceleration terms cited .
- Clawback: Company states it may seek to adjust or recover awards if performance measures are restated or adjusted; program designed to discourage excessive risk‑taking .
Board Governance
- Board role: Appointed to the Array Board effective Nov 16, 2025 .
- Committee assignments: Not disclosed for Anthony as of filings; Audit Committee consists of independent directors (Harczak—Chair/Financial Expert, Iriarte, Williams) .
- Independence/structure: Array is a “controlled company” under NYSE; exempt from having an independent compensation committee. Equity plan determinations moved to the full Board in Aug 2025; Chair and CEO roles are separated (Chair: Walter C.D. Carlson) .
- Board meeting cadence and independence practices: Board held 11 meetings in 2024; each director attended ≥75% of their meetings; independent directors meet in executive session .
Director Compensation (context)
- Non‑employee director compensation for 2024 totaled $232k–$443k per director (fees + stock awards), but Anthony, as CEO, would not receive director fees .
Related Party Transactions and Red Flags
- Family relationships: Anthony is the son of Array director and TDS Vice Chair LeRoy T. Carlson, Jr., and nephew of Array Chair and TDS President/CEO Walter C.D. Carlson; Anthony is a Trustee of the TDS Voting Trust .
- Prior year compensation from Array/TDS entities: 2024 average salary $219,981; 2024 bonus paid in 2025: $91,300; 2024 stock awards grant-date fair value $101,527 .
- External legal services: Sidley Austin LLP performed $11M of legal services for Array/TDS (1/1/24–6/30/25); Walter C.D. Carlson was Senior Counsel at Sidley through Jan 31, 2025 and is now TDS President/CEO and Array Chair .
- Pledging/hedging: Prohibited for insiders .
Compensation Structure Analysis
- Mix and risk: Program emphasizes balanced cash/equity and RSU/PSU mix; company asserts programs do not encourage excessive risk-taking; clawback recovery contemplated .
- Governance oversight: As a controlled company without an independent compensation committee, equity decisions are by the full Board—potential independence concern mitigated partly by separation of Chair/CEO roles .
- 2026 LTIP design: Target 140% of salary; metrics set annually; absence of disclosed performance curve/peer TSR reduces near‑term visibility on pay-for-performance calibration .
Performance & Track Record
- Company operating context entering tenure: Q3 2025 total operating revenues $47.1M vs. $25.7M YoY; net income $108.8M vs. $(95.9)M YoY; site rental revenue up 68% YoY following T‑Mobile MLA commencement on Aug 1, 2025 .
- Strategic backdrop: Array closed the sale of wireless operations/spectrum to T‑Mobile (Aug 1, 2025) and paid a $23/share special dividend (Aug 19, 2025), positioning the company as a focused tower platform .
- Anthony’s role history: Transformation leadership at TDS Telecom; growth marketing and regional leadership roles across Array/UScellular; prior consulting/tech operating experience .
Equity Compensation Plans (capacity)
| Plan Category | Securities to be issued upon exercise/settlement | Wtd‑avg exercise price | Securities remaining available |
|---|---|---|---|
| Equity plans approved by shareholders | 4,308,468 | $45.51 | 4,357,673 |
| Total | 4,308,468 | $45.51 | 4,357,673 |
| Footnotes: Includes options, RSUs, PSUs, and deferred stock units; breakdown: 2013 LTIP 1,363,407 outstanding; 2022 LTIP 2,945,061 outstanding and 3,877,525 available; Non‑Employee Director Plan 480,148 available . |
Board Service, Committees, and Dual-role Implications
- Board service history: Elected to the Array Board effective Nov 16, 2025; no committee assignments disclosed yet .
- Dual-role implications: CEO and director (not Chair). Chair/CEO separation reduces concentration of power; however, compensation decisions are by the full Board due to controlled company exemptions, creating potential independence perceptions, especially given familial ties to the Chair and TDS voting control .
Investment Implications
- Alignment: Modest initial cash compensation with significant forward equity target (140% of salary) suggests intended equity alignment; prohibition on hedging/pledging is positive, but absence of executive stock ownership guidelines is a governance gap .
- Retention risk: At‑will employment with no disclosed severance/CIC protections could pose retention risk if performance/market volatility increases; non‑compete exists but terms undisclosed .
- Governance risk: Controlled company structure and family relationships heighten independence scrutiny around pay setting and strategic decisions; mitigation includes separate Chair/CEO roles and an independent Audit Committee .
- Catalyst watch: 2026 LTIP grant expected in March 2026; subsequent Form 4 filings will clarify equity grant size/vesting—potential overhang or confidence signal depending on award mix and any open‑market activity. Current operating momentum (revenues/MLA tailwinds and spectrum monetization) provides a constructive backdrop as Anthony assumes the role .