Boston Omaha Announces Departure of Co-CEO Alex Rozek as Adam Peterson Continues in Chair and CEO Roles

Boston Omaha Corporation (NYSE: BOC) (“Boston Omaha” or the “Company”), a diversified company, today announced that Alex Rozek, Co-CEO and Co-Chair, has left the Company, effective as of May 9, 2024 to pursue new entrepreneurial opportunities. Adam Peterson will continue to lead the Company as Chair and CEO.

Over the last nine years, Boston Omaha has evolved from a business plan to today’s diversified holding company encompassing subsidiaries in outdoor advertising, surety insurance and fiber to the home, as well as substantial minority interests in Sky Harbour Group Corporation and Crescent Bank. Throughout this time the company has been led by Adam Peterson and Alex Rozek. Although Mr. Rozek intends to pursue new entrepreneurial activities, he will continue to serve as Boston Omaha’s board designee at Sky Harbour Group Corporation (NYSE American: SKYH and SKYH WS).

With today’s announcement that Alex will depart Boston Omaha, we want to detail more of our thoughts for shareholders on what this change means for your company going forward. Simply put, we believe we have more than enough opportunity within existing business lines to seek to grow value per share, reinvest cash flows, and compound capital for you, our shareholders. For the next several years, we expect to focus on investing anticipated cash flows to grow our existing business lines before we would consider acquiring any new significant line of business.

Comments from Adam Peterson:

“The nine plus year partnership with Alex in building Boston Omaha into what it is today has been a joy for me personally and professionally. He has been a sounding board, idea generator, and teacher; not to mention the fact that we have had a ton of fun all along the way sharing the good and the sometimes challenging aspects of building businesses. Based on our recent discussions on the plans for the future, we understand Alex’s desire to start a new chapter in his business career and wish him the very best in his future endeavors.

“Alex has consistently worked with our team at Boston Omaha on the expansion of the business into new areas, and we believe he has done a fantastic job putting the company in the position to succeed for the long term. Indeed, Alex is an entrepreneur to the core, and he desires to continue building new and different businesses. As we focus on seeking to achieve additional efficiencies in current business lines and reinvesting both cash flows and any excess capital mostly into internal business opportunities for the time being, we collectively came to the decision to part ways.