Elliott: Shareholder Feedback Supports CEO Change At Crown Castle

(RTTNews) - Elliott Investment Management L.P., which manages funds that collectively have an investment of approximately $2 billion in Crown Castle Inc., sent a letter to Crown Castle's Board summarizing the feedback received since publicly sharing its views on Crown Castle. Based on the feedback, Elliott stated that Crown Castle requires CEO change and a robust review of the Fiber business.

"In the week following the release of our materials, Crown Castle's stock appreciated by 14.5%. More importantly, Crown Castle outperformed its direct peers - American Tower and SBA Communications - by 8.4%, which stands as the largest week of outperformance for Crown Castle in the last decade. Jay Brown's severe underperformance as a CEO has made the prospect of his departure his greatest moment of outperformance."

Elliott noted that if the Crown Castle Board is unwilling to make necessary leadership changes, Elliott will nominate a new Board that will be based on the shareholder feedback it has received.