© Reuters.
HOUSTON – Crown Castle Inc. (NYSE: NYSE:), a leading provider of wireless infrastructure, confirmed today that it has rejected a slate of directors nominated by Boots Capital Management, LLC for election at its upcoming Annual Meeting of Stockholders. The investment firm is led by Ted Miller, a co-founder and former CEO of Crown Castle.
The Board of Directors, after interviewing the nominees from Boots Capital, unanimously decided against recommending any of the proposed candidates for election. The company is currently focused on appointing a new CEO and reviewing its fiber business, actions that are part of its strategy to enhance long-term shareholder value.
In recent months, Crown Castle has initiated a comprehensive review of its fiber operations, formed a fiber review committee, and engaged advisors including Paul, Weiss, Morgan Stanley, and BofA Securities. Additionally, the company has appointed three new independent directors, including industry veterans Sunit Patel, Jason Genrich, and Bradley Singer, with seven of the twelve directors having joined the board since 2020.
Interim CEO Tony Melone was appointed following the retirement of former CEO Jay Brown, and a CEO search committee is working with an executive search firm to identify a permanent successor.
The Board and management team have engaged in discussions with Mr. Miller and have considered the perspectives of Boots Capital, which has presented its nominees and advisors to the Board. However, the Board concluded that the nominees do not have the relevant expertise to oversee Crown Castle’s strategy effectively.
Crown Castle will present its formal recommendation regarding the election of directors in its definitive proxy statement, to be filed with the Securities and Exchange Commission and mailed to shareholders eligible to vote at the Annual Meeting, scheduled for May 22, 2024.
Crown Castle owns and leases over 40,000 cell towers and approximately 90,000 route miles of fiber supporting small cells and fiber solutions in every major U.S. market.
This article is based on a press release statement from Crown Castle Inc.
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