Olivier Puech
About Olivier Puech
Executive Vice President and President, International at American Tower. Joined AMT in 2013 as SVP and CEO of Latin America; appointed EVP and President, Latin America & EMEA effective October 1, 2018, and serving as EVP & President, International by 2025 . Education: Bachelor’s in International Business Administration, Ecole Supérieure de Commerce Marseille; fluent in English, French, Spanish, Italian, and Portuguese . Company pay philosophy emphasizes long-term, performance-based equity, double-trigger vesting and no change-of-control tax gross-ups; hedging and pledging banned under the insider trading policy . AMT introduced relative TSR as a core PSU measure in 2024 to further align payouts with shareholder returns .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| American Tower | SVP & CEO, Latin America | 2013–2018 | Led Latin America operations; foundation for subsequent promotion . |
| American Tower | EVP & President, Latin America & EMEA | Oct 2018–2025 | Oversaw international portfolio; title later reflected broader International remit . |
| Nokia | SVP Americas; SVP Asia Pacific; VP Latin America | ~2003–2013 | Grew regional businesses across Americas and APAC; senior leadership in telecom . |
| Gemalto | VP Sales & Marketing (South/East Europe, Latin America) | ~1991–2003 | Drove sales and market expansion across multiple geographies . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| — | — | — | No public company board roles disclosed in AMT filings for Puech. |
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary ($) | $640,341 | $640,341 | $640,341 |
| Non-Equity Incentive Plan Compensation ($) | $1,136,605 | $1,224,652 | $944,503 |
| All Other Compensation ($) | $31,476 | $34,300 | $34,948 |
| Total ($) | $6,408,550 | $6,899,473 | $6,647,204 |
| 2024 Compensation Setting | 2024 | 2025 |
|---|---|---|
| Base Salary ($) | $640,341 | $640,341 |
| Target Bonus (% of Base) | 125% | 125% |
| Target Bonus ($) | $800,426 | $800,426 |
Perquisites example (FY 2022 breakdown):
| Perquisite | Amount ($) |
|---|---|
| Retirement Match | $15,250 |
| Car Expenses | $14,563 |
| Tax Reimbursements | $1,663 |
| Total | $31,476 |
Performance Compensation
| Equity Awards | 2024 | 2025 |
|---|---|---|
| RSUs (Grant Date Fair Value $) | $2,000,000 | $1,800,000 |
| PSUs (Grant Date Fair Value $) | $3,000,000 | $2,700,000 |
| Grant Date Fair Value Per Share ($) | 206.75 | 213.07 |
| Vesting Terms | RSUs vest 1/3 annually over 3 years; PSUs vest at end of 3-year period based on pre-set goals . | RSUs vest 1/3 annually; PSUs vest after 3 years based on financial goals . |
PSU payout calibration and metrics:
| PSU Grant | Metric(s) | Target | Actual Payout | Vesting |
|---|---|---|---|---|
| 2021 PSUs | Company financial goals; TSR component in program; valuation included market condition | Target shares | 129% payout reflected for 2021 cohort | End of 3-year performance period |
| 2022 PSUs | Company financial goals | Target shares | 50% (threshold) payout reflected | End of 3-year performance period |
| 2023 PSUs | Company financial goals | Target shares | 50% (threshold) payout reflected | End of 3-year performance period |
| 2024 PSU design | Introduced relative TSR as a core metric to align with shareholder returns | — | — | 3-year performance, market condition valued via Monte Carlo |
Annual incentive framework:
- Committee bases payouts on achievement of pre-established Company financial goals and individual objectives; maximum payout up to 200% of target for outperformance .
- ESG scorecard integrated into annual incentive beginning 2022/2023 to align with human capital and emissions/digital divide goals .
Equity Ownership & Alignment
Outstanding unvested equity (as of 12/31/2023; AMT closing price $215.88 used for valuation):
| RSUs Unvested (# / $) | 2020 Grant | 2021 Grant | 2022 Grant | 2023 Grant |
|---|---|---|---|---|
| Olivier Puech | 1,435 / $309,788 | 4,109 / $887,051 | 5,928 / $1,279,737 | 10,457 / $2,257,457 |
| PSUs Unearned (# / $) | 2021 Grant | 2022 Grant | 2023 Grant |
|---|---|---|---|
| Olivier Puech | 15,904 / $3,433,356 | 5,928 / $1,279,737 | 7,843 / $1,693,147 |
Options: No unexercised or unexercisable option awards listed for Puech as of 12/31/2023 (all dashes under options columns) .
Policy alignment: Anti-insider trading policy prohibits hedging and pledging; double-trigger equity vesting; no change-of-control tax gross-ups .
Insider transactions and selling pressure:
- 9/5/2024: Sales effected pursuant to a Rule 10b5-1 trading plan adopted May 3, 2024 .
- 3/12/2025: Form 4 filed (includes transactions dated 03/10/2025) .
Employment Terms
- Role and tenure: Appointed EVP & President, Latin America & EMEA effective Oct 1, 2018; serving as EVP & President, International in 2025 . Retirement announced effective January 2, 2026 .
- Compensation setting: 2024 and 2025 base and bonus targets set by Compensation Committee as above .
- Severance/change-of-control framework: Double-trigger equity vesting, no tax gross-ups; definitions of “Change of Control” and “Qualifying Termination” governed by Severance Plan for EVPs and CEO .
- Qualified retirement: Combined age + years of service ≥65 (with minimum age 55 and ≥5 years of service) plus separation from service and execution of non-compete, non-solicitation, non-disparagement release .
- Clawback: Compensation Recovery Policy applies; forfeiture and recovery of previously vested PSUs and gains upon termination for cause, post-termination misconduct, or violations; clawback enforcement per policy .
- Tax withholding: Shares withheld to satisfy minimum tax on PSU vesting; dividend equivalents treated as taxable income .
Performance & Track Record Context (Company-level)
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues ($) | 9,404,300,000 * | 9,869,200,000 * | 9,933,500,000 * |
| EBITDA ($) | 6,075,600,000* | 6,486,500,000* | 6,637,400,000* |
| Metric | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 |
|---|---|---|---|---|
| Revenues ($) | 2,483,900,000 * | 2,488,200,000 * | 2,527,400,000 * | 2,616,300,000 * |
| EBITDA ($) | 1,577,100,000* | 1,693,000,000* | 1,709,600,000* | 1,758,700,000* |
Values retrieved from S&P Global.
Note: Revenue citations above reflect document indexing by S&P Global; EBITDA values marked with an asterisk lack document citations and are sourced from S&P Global.
Say-on-pay results and governance signals:
- Say-on-pay support “over 96%” in 2024 Annual Meeting; sustained strong approval over the past three years .
- Long-term program enhancements include adding relative TSR in 2024 and prior focus on ROIC and consolidated AFFO per share growth, with increased performance-based equity weighting and elimination of options in program design .
Compensation Structure Analysis
- High equity mix: Material RSU/PSU grants annually, with PSUs tied to multi-year performance and market-based TSR introduced in 2024, increasing at-risk pay tied to shareholder returns .
- Shift away from options: Program-level elimination of stock options; none outstanding for Puech as of FY-end 2023 .
- Annual incentive: Pre-set financial and individual goals; ESG scorecard integrated beginning 2022/2023; payout capped at 200% of target, suggesting disciplined risk management .
- Clawback and double-trigger reinforce alignment and mitigate windfall risk under change-of-control .
Investment Implications
- Alignment: The addition of relative TSR to PSUs and lack of options, combined with double-trigger vesting and clawbacks, signal strong pay-for-performance alignment and reduced change-of-control windfalls .
- Selling pressure: Documented insider sales under a Rule 10b5-1 plan (Sept 2024) indicate pre-planned diversification rather than opportunistic selling; monitor future Form 4s around PSU vesting dates for potential incremental supply .
- Retention and transition: Announced retirement effective Jan 2, 2026 introduces execution risk for AMT’s international segment; succession planning disclosures should be monitored for continuity and potential incentives/retention awards for successors .
- Performance context: Company revenue and EBITDA trends are stable-to-growing, supporting attainment of financial targets; however, observed PSU payouts (129% for 2021 cohort vs threshold 50% for 2022/2023) underscore variability and reinforce the need to track current-year target calibration and TSR relative performance * * *.