Crown Castle Investor Elliot Calls for Leadership Change
Elliott Investment Management Monday called for "significant changes" to Crown Castle's executive and board leadership. The firm, which manages a roughly $2 billion investment in Crown Castle, cited in its letter to Crown Castle a "history of underperformance" and "profound…
Sign up for a free preview to unlock the rest of this article
If your job depends on informed compliance, you need International Trade Today. Delivered every business day and available any time online, only International Trade Today helps you stay current on the increasingly complex international trade regulatory environment.
lack of oversight by the board." "After spending $19 billion on its fiber strategy, performance remains poor and the company's fiber investments now generate yields that are not only below its cost of capital, but astoundingly, also below the risk-free rate of return," the letter said. Elliot called for "comprehensive leadership change," a reevaluation of the company's fiber strategy and "improved corporate governance." Crown Castle said it "remains confident" in its executive leadership. "We look forward to reviewing Elliott’s materials and are open to commencing a constructive engagement with Elliott," it said.