Robert D. Hormats
About Robert D. Hormats
Robert D. Hormats, 81, is an independent director of American Tower (AMT) and has served on the Board since October 2015. He is a former Managing Director at Tiedemann Advisors, former Vice Chairman of Goldman Sachs (International), former Under Secretary of State for Economic Growth, Energy and the Environment, and currently a Visiting Lecturer at Yale School of Management. He serves on AMT’s Nominating and Corporate Governance Committee (member since February 2016; Chair from May 2021 to May 2024). The Board has determined he is independent under NYSE standards with no material relationship to the Company beyond service as a director/stockholder .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| U.S. Department of State | Under Secretary of State for Economic Growth, Energy and the Environment | 2009–2013 | Senior economic policy leadership |
| Kissinger Associates, Inc. | Vice Chairman | 2013–2019 | Strategic international advisory leadership |
| Goldman Sachs (International) | Vice Chairman; Managing Director, Goldman, Sachs & Co. (joined 1982) | 1982–2013 (various roles) | Global capital markets leadership |
| U.S. Government (various) | Assistant Secretary of State for Economic and Business Affairs; Ambassador and Deputy U.S. Trade Representative; Senior Deputy Assistant Secretary for Economic and Business Affairs; Senior staff for International Economic Affairs, National Security Council | Prior to 1982 (various roles) | Trade and international economic policy |
| Tiedemann Advisors | Managing Director; Investment Advisory Committee member; advisor through 2023 | Through 2023 | Investment oversight and advisory |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Yale School of Management | Visiting Lecturer | Current | Teaching/leadership exposure |
| Council on Foreign Relations | Member | Current | Policy network engagement |
| Economic Club of New York | Member | Current | Economic policy forum participation |
Board Governance
- Committee assignments: Nominating and Corporate Governance Committee member (Feb 2016–present); Committee Chair (May 2021–May 2024). The Committee met 11 times in 2024 and oversees director nominations, governance policies, related-party approvals, board/committee evaluations, and sustainability oversight .
- Independence: The Board determined Mr. Hormats has no material relationship and is independent under NYSE Section 303A.02 .
- Attendance and engagement: In 2024, each director (except a newly elected director) attended at least 75% of Board and relevant committee meetings; the Board held 4 regular and 6 special meetings. Executive sessions of independent directors are typically scheduled before/after each regular meeting .
- Board leadership: Independent Chairperson model; only independent directors serve on standing committees .
- Overboarding policy: Directors generally may not serve on more than four public company boards (including AMT) without Nominating Committee consent .
Fixed Compensation
| Element | Amount/Policy | Notes |
|---|---|---|
| Annual cash retainer (non-management directors) | $100,000 | Standard program as of Dec 31, 2024 |
| Committee fees – Nominating (Chair/Member) | $10,000 / $10,000 | As applicable by role |
| Committee fees – Audit (Chair/Member) | $25,000 / $15,000 | |
| Committee fees – Compensation (Chair/Member) | $15,000 / $15,000 | |
| 2024 Cash fees – Robert D. Hormats | $115,000 | Reported “Fees Earned or Paid in Cash” for 2024 |
Performance Compensation
- Directors receive time-based RSUs; no performance metrics apply to director equity. On March 11, 2024, each non-management director received 1,089 RSUs vesting in full on the one-year anniversary of grant; 2024 grant-date fair value for Mr. Hormats was $225,151 .
| Grant/Equity | Detail | Amount |
|---|---|---|
| RSU grant (3/11/2024) | Number of RSUs | 1,089 |
| RSU grant (3/11/2024) | Grant date fair value | $225,151 |
| RSU vesting | Schedule | Fully vests on 1-year anniversary of grant |
| Unvested RSUs at 12/31/2024 | Units | 1,089 |
| Unvested RSUs at 12/31/2024 | Market value | $199,733 (based on $183.41/share) |
| Stock options (2024 grants) | None granted | No option awards to directors in 2024 |
Other Directorships & Interlocks
| Company/Organization | Role | Notes |
|---|---|---|
| Public company boards | None | “Other Public Company Boards: None” |
| Related-party transactions | None disclosed for Mr. Hormats | Board policy requires Nominating Committee review/approval of related-party transactions; no Hormats-specific related-party dealings disclosed |
Expertise & Qualifications
- Skills: Executive leadership; investment/capital allocation; strategy; thought leadership/government & public policy; international/global operations; risk management .
- Qualifications cited by AMT: Extensive international public/private sector experience in trade/economic policy; extensive knowledge of global capital markets; leadership skills and financial acumen .
Equity Ownership
| Measure | Value | Notes |
|---|---|---|
| Beneficial ownership (as of 3/17/2025) | 7,332 shares | <1% of outstanding shares |
| Unvested RSUs (12/31/2024) | 1,089 units | Part of the 3/11/2024 grant |
| Options outstanding | None listed | No options shown for Mr. Hormats |
| Ownership guidelines | 5x annual cash retainer for directors | Company-wide guideline |
| Guideline status | All directors met target or within timeframe as of 3/17/2025 | Company statement (director-specific status not itemized) |
| Hedging/pledging | Prohibited | Anti-hedging and anti-pledging policy |
Governance Assessment
- Board effectiveness and engagement: Long-tenured independent director with governance leadership (former Nominating Chair) on a committee that met 11 times in 2024 and oversees director nominations, board evaluations, and related-party approvals, signaling active oversight cadence .
- Independence and conflicts: Board affirmed Mr. Hormats’ independence with no material relationships; no related-party transactions disclosed for him. Nominating Committee oversees related-party approvals under formal policy .
- Attendance: Met at least the 75% attendance threshold for Board and committee meetings in 2024 (Board held 10 meetings total), supporting engagement expectations .
- Pay/ownership alignment: Director pay mix includes equity via annual RSUs (1,089 granted on 3/11/2024; $225,151 grant-date value) and stock ownership guidelines of 5x cash retainer, with all directors meeting or on track as of 3/17/2025—favorable alignment signals .
- Shareholder sentiment: AMT’s say-on-pay support exceeded 96% in 2024 and averaged over 96% over the past three years, indicating broad investor support for compensation governance (contextual signal for board credibility) .
- Risk indicators: Anti-hedging/pledging policies in place; no option repricing; no excise tax gross-ups; double-trigger equity for change in control—reduces governance red flags. No disclosures of pledging/hedging or related-party issues tied to Mr. Hormats .
Overall: Mr. Hormats brings deep international policy and capital markets expertise with demonstrated governance engagement (former Nominating Chair). Independence, attendance, equity ownership framework, and strong company-wide investor support mitigate key governance risk factors for this director .