Crown Castle, the wireless-tower owner, has taken a notable step to address pressure from activist investor Elliott Investment Management. As part of a recent cooperation agreement, Crown Castle has announced the addition of two independent directors to its board.
New Directors Bring Expertise to the Table
Joining the board are Jason Genrich, senior portfolio manager at Elliott, and Sunit Patel, former chief financial officer of Level-3 Communications and executive vice president of T-Mobile. Their diverse backgrounds and experience will be valuable contributions to Crown Castle’s strategic decisions.
Changes in Board Composition
To accommodate the new appointments, W. Benjamin Moreland and Maria Pope will be stepping down from the board. With this change, the board will now consist of 12 directors, with 11 of them being independent.
A Stronger Path Ahead for Crown Castle
In addition to these board enhancements, Crown Castle has also established special committees. One committee will conduct a thorough review of its fiber business while the other committee will lead the search for the company’s next chief executive officer. These initiatives demonstrate Crown Castle’s commitment to strengthening its position in the market.
Jason Genrich expressed optimism about the recent developments, stating, “Today’s announcements mark a significant step forward toward a stronger and more valuable Crown Castle.” The company values the constructive dialogue it has had with its board thus far.
It is worth noting that the agreement between Crown Castle and Elliott includes customary provisions related to standstill, voting, and other matters.