CCI - Crown Castle ticks higher amid new letter from activist Elliott

2023-12-07 09:23:09 ET

Crown Castle Inc. ( NYSE: CCI ) rose 0.8% after activist investor Elliott Investment Management wrote a new letter to the owner of wireless towers after unveiling a $2 billion stake last week and called for board and a CEO change.

"Jay Brown's severe underperformance as a CEO has made the prospect of his departure his greatest moment of outperformance," Elliott's Jesse Cohn and Jason Genrich wrote in the letter to the board on Thursday. "Unquestionably, the investment community has signaled with its capital that change is both necessary and urgent at Crown Castle."

Elliott believes Crown Castle ( CCI ) needs new executive and board leadership, the activist said in a letter last Monday. The hedge fund wants CCI to review its fiber business and evaluate if CCI is the best owner of the fiber unit.

"If the current Board is unwilling to take this necessary step, we will nominate a new Board that will.," Elliott's Cohn and Genrich added in the letter.

More on Crown Castle

• Crown Castle: An Activist Steps In To Reveal Significant Value
• Crown Castle Inc. (CCI) Morgan Stanley 2023 European Technology, Media & Telecom Conference (Transcript)
• Crown Castle: Downside Is Likely Limited
• Crown Castle raised to Equal Weight at Wells Fargo, citing Elliott involvement
• Crown Castle announces pricing of senior notes offering

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