Crown Castle CEO Jay Brown Retires

On Thursday, Crown Castle, a real estate investment trust,  declared the retirement of CEO Jay Brown, coinciding with activist fund Elliott Management’s call for a new Chief Executive in their drive for “enhanced governance and improvements in fiber strategy” within the cell tower company.

Anthony Melone, a current member of Crown Castle’s board, will step in as interim CEO, according to the company’s announcement. The board is actively pursuing a permanent successor.

Elliott initiated its campaign in late November, advocating for “comprehensive leadership change” to tackle “long-term underperformance.” Crown Castle has seen a 13% decline in its shares this year, while the iShares Global REIT ETF has experienced nearly a 1% increase.

Having previously targeted Crown Castle in 2020, Elliott expressed in its recent statement that the company had “ignored” its suggestions and pursued a “value-destructive strategy.”

Beyond the C-suite restructuring, Elliott aims to enforce bylaw modifications and conduct a review of Crown Castle’s fiber business, potentially leading to a sale.

Crown Castle, labeling itself as a major communications infrastructure provider in the country, manages over 40,000 cell towers and rooftop installations. However, its stock has plunged by over 40% from its peak in 2021.

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