Cellnex announced CEO Tobias Martinez (pictured) had tendered his resignation, bringing an end to an eight year reign during which the business became one of the largest tower companies in Europe.
The company stated Martinez’ departure would take effect after its next general shareholder’s meeting, scheduled for 1 June.
Cellnex hailed Martinez’s accomplishments in heading a transformation after an IPO in May 2015, highlighting his role in establishing it as a benchmark tower operator in Europe.
Chair Bertrand Kan noted Martinez’s “vision, energy and expertise” were vital to the company’s expansion and growth in its market capitalisation from €3.2 billion at the IPO to €23 billion today, following a period of heavy investments including a series of tower acquisitions.
Under his leadership, Cellnex diversified its assets from 7,500 towers in its Spanish market to “138,000 in 12 countries”, Kan stated.
Its most recent deal was a €10 billion purchase of CK Hutchison’s towers in the UK.
Martinez stated it was time for fresh blood to steer Cellnex through a shift in focus towards “maximising organic growth” and “balance sheet management”.
Cellnex stated it had commenced the process to find a successor.