CCI - Crown Castle slashes 15% jobs to take $120M restructuring charge - filing

2023-07-24 16:52:03 ET

• Crown Castle ( NYSE: CCI ) disclosed in an SEC filing Monday that it has initiated a restructuring plan to reduce costs.
• The company said it is cutting total employee headcount by about 15% and discontinuing installation services as a product offering within the Towers segment.
• The company expects to incur charges of about $120 million, most of which will be taken in Q3 and Q4 this year.
• CCI estimates it will incur $70 million related to expenditures for employee severance and other one-time termination benefits.
• In connection with the office space consolidation, the company expects to incur charges of about $50 million.
• Headcount reduction and discontinuation of Towers installation services will be completed by the end of Q3, but the company expects to complete installation services pursuant to currently existing contracts.
• Office space consolidation is expected to be completed by the end of Q4.
• SEC filing .

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