David Tomick, the chief financial officer who helped lead SpectraSite out of bankruptcy and secure new financing, is out.
The wireless tower operator said Wednesday that through a “mutual understanding” that Tomick was out. He also served as executive vice president and assistant secretary.
“We express our deepest appreciation to Dave for his significant contribution to SpectraSite during the years he served as SpectraSite’s Chief Financial Officer, in particular his efforts in funding our growth, maintaining our credit facility and banking relationships, and directing our investor relations program,” said Stephen Clark, the firm’s CEO.
“While appreciating Dave’s contribution, our Board of Directors believes that at this stage in our company’s development it is appropriate for SpectraSite to hire a new Chief Financial Officer who will bring a different set of skills to the position.”
In its quarterly report, SpectraSite (NYSE: SSI) also announced a $175 million stock repurchase program.
SpectraSite had $87.4 million in revenues for the quarter, up nearly $10 million from a year ago. It had a net income of $6.3 million compared to a loss of $7.6 million in 2003.