Elliott reiterates call for new chief executive at Crown Castle

Elliott Investment Management LP said Thursday it compiled positive responses from investors, analysts and industry leaders on the merits of its recommendations for cellular tower REIT Crown Castle Inc. (CCI), including the removal of its Chief Executive Jay Brown. Crown Castle's stock was up by 3% in premarket trades. Elliott said the 14.5% jump in Crown Castle's stock in the week after it shared its views on the company outperformed stock gains from competitors American Tower (AMT)and SBA Communications (SBAC). "If the Crown Castle Board is unwilling to make necessary leadership changes, Elliott will nominate a new board that will," said the activist investor, which owns $2 billion in Crown Castle stock. In November, Elliott Investment Management LP called for "significant changes," including new executive and board leadership and a review of its fiber business.

-Steve Gelsi

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12-07-23 0711ET

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