Crown Castle: Glass Lewis stands with Ted Miller against Crown Castle board

May 17, 2024 | Posted by Abdul-Rahman Oladimeji

Proxy firm Glass Lewis has publicly urged Crown Castle shareholders to vote for two activist director candidates, including the company's co-founder and former chief executive officer, Ted Miller, to the board, along with former CFO Charles Green. Furthermore, Glass Lewis also told shareholders to withhold support for Crown Castle's nominees, Cindy Christy and Ari Fitzgerald, ahead of Crown's Annual Meeting on May 22, 2024.

"We believe shareholders should support the election of dissident nominees Miller and Green, both of whom are former executives of the company and appear to us to have extensive operational and execution experience in the tower industry… Accordingly, we recommend that shareholders vote on the dissident group's GOLD proxy card," said Glass Lewis in a statement.

"We are pleased that Glass Lewis agrees that new leadership is needed on the Crown Castle Board to add meaningful tower company operating experience and help restore value for all shareholders," said Miller. "Glass Lewis's recommendation for the election of two of our nominees supports our belief that Crown Castle's board should be held accountable for years of value destruction, significant underperformance relative to its peers and poor decision making over the last decade.

"While Glass Lewis has recognized our nominees have the operational expertise, plan, tower industry experience, and leadership skills to restore value at Crown Castle, we continue to believe that the election of our four nominees is ideal to effect the changes that Glass Lewis agrees are needed at Crown Castle. Shareholders deserve a more capable Board with a detailed plan that will help restore credibility, leadership, and operational excellence to Crown Castle and create long-term value."