"Crown Castle CEO Retirement Signals Victory for Activist Investor Elliott"
Originally Published 2 years ago — by CNBC
Crown Castle CEO Jay Brown is retiring, coinciding with activist fund Elliott Management's call for a new chief executive as part of its campaign for improved governance and fiber strategy at the cell tower company. Anthony Melone, a Crown Castle board member, will serve as interim CEO while the board searches for a permanent successor. Elliott, which controls a $2 billion stake in Crown Castle, is also seeking bylaw changes and a review of the company's fiber business, potentially including a sale. Crown Castle, one of the largest communications infrastructure providers in the US, has seen its stock decline over 40% from its 2021 high.