Crown Castle: Crown Castle CEO announces retirement plans after investors call for change

Dec 09, 2023 | Posted by Abdul-Rahman Oladimeji

Crown Castle has announced that its CEO, Jay Brown has informed them of his decision to step down from the role of CEO earlier this week and will retire from the company next year. This news comes only a week after activist investor Elliott Investment Management issued a statement calling for a shakeup at the firm.

Elliott wrote in a letter, "The company's strategy, led by CEO Jay Brown since 2016, has been a failure, as demonstrated by the breathtaking magnitude of its underperformance," said Elliott in a damning letter. During the tenure of the current executive team, Crown Castle has underperformed its direct peers by an average of 85 percent in total return, which translates into nearly $26 billion of unfulfilled shareholder value."

Brown said on his departure, “It has been a privilege to lead this outstanding company and be a part of its growth and success for over two decades.”  Anthony Melone, a current member of Crown’s board who had previously served as EVP and chief technology officer for Verizon Communications from December 2010 to April 2015, while spending the decade before at Verizon Wireless has been appointed as interim CEO from January 16, 2024.