On February 16, 2016, the Board of Directors of Towerstream Corporation appointed Philip Urso as Interim Chief Executive Officer and Arthur Giftakis as Chief Operating Officer of the company. Mr. Urso presently serves as Chairman of the Board of Directors and Mr. Giftakis as Senior Vice President of Engineering and Operations of the company. The company entered into a Separation Agreement on February 12, 2016 with Jeffrey Thompson, the company's Chief Executive Officer, pursuant to which Mr. Thompson resigned from all positions with the company and its subsidiaries, and as a member of the Board of Directors.

Mr. Urso co-founded Towerstream Inc., has served as the company's director and chairman since inception and was Chief Executive Officer from inception until November 2005. Mr. Giftakis has served as the company's Senior Vice President of Engineering and Operations since January, 2014.