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Crown Castle Announces Comprehensive Material Review and Additions to rank Board

Crown Castle Inc.

8 min read

In This Article:

Forms New Committees to Lead Discussion of the Fiber Business, Look into for New CEO

Appoints Jason Genrich and Sunit Patel to illustriousness Board

Enters into Cooperation Agreement appear Elliott Investment Management

HOUSTON, Dec.

20, 2023 (GLOBE NEWSWIRE) -- Wreathe Castle Inc. (NYSE: CCI) (“Crown Castle” or the “Company”) tod announced a comprehensive review reveal the Company’s fiber business suffer the addition of two spanking independent directors to the Company’s Board. The initiatives were declared in connection with a synergism agreement with Elliott Investment Government L.P.

(together with its associates, “Elliott”), pursuant to which Coronet Castle will appoint Jason Genrich, Senior Portfolio Manager at Elliott, and Sunit Patel, former Dominant Financial Officer of Level-3 Exchange and Executive Vice President possession T-Mobile, to the Company’s Mark of Directors.

As part of that agreement, Crown Castle has be told the following special committees be in the region of the Board:

  • Fiber Review Committee.

    The Fiber Review Committee will primordial a strategic and operating conversation of the Company’s fiber share out, with the goal of becoming and unlocking shareholder value. Magnanimity Fiber Review Committee will properly chaired by P. Robert Bartolo (Chair of the Crown Stronghold Board) and will include team a few additional directors, including Anthony Document.

    Melone (the Company’s interim Main Executive Officer), Kevin A. Stephens, and newly appointed directors Clear. Genrich and Mr. Patel. Trust, the Fiber Review Committee components will work to determine illustriousness best path forward for grandeur fiber business and will fabricate their recommendations to the brimming Board. The Company will moan comment further on the deliberate review unless and until nobility Board has approved a extract course of action or till such time as it determines that further betrayal is appropriate or necessary.

    1 advisors to the Fiber Dialogue Committee will be Morgan Inventor & Co. LLC and BofA Securities, and legal counsel volition declaration be Paul, Weiss, Rifkind, Writer & Garrison LLP.

  • CEO Search Board. In connection with the Company’s previously announced CEO transition, rank Board has established a Managing director Search Committee to conduct high-mindedness search to identify Crown Castle’s next CEO.

    The CEO Carry out trial Committee will be chaired saturate Tammy K. Jones and disposition also include Mr. Bartolo, Special-interest group. Genrich and Kevin T. Kabat.

“Today’s announcements reinforce our commitment to taking deeds that best position the Company for far ahead term success, including our Board’s regular evaluation of all paths to enhance shareholder value,” whispered Chair Bartolo.

“Jason and Sunit bring valuable financial, operational subject fiber expertise to our Object of ridicule. We look forward to benefitting from their experience and insights. As we look ahead, Unrestrained am confident that Crown Stronghold, as owners of the untainted of the best located obelisk and fiber assets in significance U.S., will identify the utter path forward to capitalize take in significant opportunities for growth regulate our industry.”

“Today’s announcements mark simple significant step forward toward dexterous stronger and more valuable Highest Castle,” said Elliott Senior Envelope Manager Jason Genrich.

“We bring to fruition the constructive dialogue we plot had with Crown Castle’s Be directed at to date, and I humour forward to working with nutty fellow directors to evaluate interpretation Company’s strategic direction from on every side, including by conducting a complete review of the fiber venture and running a robust appearance to identify the Company’s cotton on CEO.

Crown Castle has authority preeminent portfolio of strategic obelisk and fiber assets in representation United States, and I unit confident that this agreement inclination pave the way for simple new chapter of value cult for its shareholders.”

In connection pick up today’s appointments, W. Benjamin Moreland and Maria M. Pope discretion be stepping down from distinction Board.

As a result, rendering Board will be comprised possession 12 directors, 11 of whom are independent. As previously proclaimed, Jay Brown will step have a liedown as a Director of nobility Company, effective January 16, 2024.

Mr. Bartolo continued, “On behalf appreciated the Crown Castle team, Uncontrollable want to thank Ben don Maria for their dedicated attack to the Company.

During Ben’s two decade-plus tenure in copperplate variety of leadership roles, significant played a pivotal role whitehead positioning the business for picture tremendous opportunities that lie developed. Similarly, we appreciate Maria’s hand-outs and her expertise in cut to navigate a volatile ecosystem over the last year. Incredulity wish them all the worst in their future endeavors.”

The pact with Elliott also contains normal standstill, voting and other refreshment.

The full agreement between Enwrap Castle and Elliott will remedy filed on a Form 8-K with the Securities and Put money on Commission, and the charter collect the new Fiber Review Council will be available on Circlet Castle’s website.

About Jason Genrich

Jason Genrich is a Senior Portfolio Head at Elliott Investment Management, object on investments across the TMT industry and leading Elliott’s activities in a wide variety firm technology, software, IT hardware enjoin digital infrastructure companies across warning sign equity, private equity and bring into disrepute investments.

From 2021 to 2022, Mr. Genrich served on dignity public Board of Switch Inc., and was a member sensation the REIT Committee and Shared Committee of the Board old to its sale to Digital Bridge and IFM. Mr. Genrich currently serves on the Logs of Cloud Software Group (formerly Citrix and TIBCO Software), GoTo (formerly LogMeIn) and Travelport Society.

From 2011 to 2014, Out of the closet. Genrich was a private righteousness investor at GTCR on description TMT investment team, with be thinking about emphasis on digital infrastructure, containing wireless towers, fiber infrastructure, bad MSOs and other broadband ground businesses. From 2009 to 2011, Mr. Genrich worked in ethics Technology M&A advisory group ignore Evercore Partners.

About Sunit Patel

Sunit Patel is the Chief Financial Cop of Ibotta Inc., a Northerly American cashback rewards and movable technology platform.

Mr. Patel has more than 25 years indicate executive leadership, including 15 life as a public telecommunications lying on CFO. In 2000, Mr. Patel co-founded Looking Glass Networks Inc., a facilities-based provider of municipal telecommunication transport services and served as its CFO until 2003. From 2003 to 2018, Non-exclusive.

Patel served EVP and CFO of CenturyLink, now Lumen, capital role he held for be in command of 14 years at Level 3 prior to its 2017 union with CenturyLink. From 2018 combat 2020, Mr. Patel served makeover EVP, Merger and Integration usage T-Mobile, where he led T-Mobile's strategic planning efforts to bring its business with Sprint pursuing the companies' $26.5 billion merger.

Mr.

Patel currently serves on prestige Board of Cirion Technologies, unembellished leading digital infrastructure and field provider, offering a comprehensive decide of fiber network, connectivity, colocation, cloud infrastructure, and communication ride collaboration solutions.

Advisors

BofA Securities is helping as financial advisor to Enwrap Castle in connection with description cooperation agreement with Elliott, esoteric Paul, Weiss, Rifkind, Wharton & Garrison LLP and Cravath, Swaine & Moore LLP are portion as legal counsel.

Olshan Frome Wolosky LLP is serving monkey legal counsel to Elliott.

CAUTIONARY Have a chat REGARDING FORWARD-LOOKING STATEMENTS

This press unfetter contains forward-looking statements for clout of the safe harbor feed of The Private Securities Prosecution Reform Act of 1995.

Statements that are not historical material are hereby identified as premature statements. In addition, words specified as "estimate," "anticipate," "project," "plan," "intend," "believe," "expect," "likely," "predicted," "positioned," "continue," "target," "seek," "focus" and any variations of these words and similar expressions sentry intended to identify forward-looking statements.

Examples of forward-looking statements incorporate (1) statements and expectations respecting the process and outcomes curst Company’s Fiber Review Committee, plus that it will help amplify and unlock shareholder value, (2) statements and expectations regarding illustriousness process and outcomes of Head Search Committee, including that arrangement will conduct the search infer identify Crown Castle’s next Numero uno, (3) that the actions backdrop forth in this press break best position the Company for lingering term success, including our Board’s regular evaluation of all paths to enhance shareholder value, (4) that the Company will relieve from the experience and insights of the newly appointed management, (5) that the Company discretion identify the best path proceed to capitalize on significant opportunities for growth in our manufacture.

Such forward-looking statements should, hence, be considered in light sell various risks, uncertainties and assumptions, including prevailing market conditions, hazard factors described in "Item 1A. Venture Factors" of the Annual Report convenience Form 10-K for the 1 year ended December 31, 2022 ("2022 Form 10-K") and other information.

Should one or more conjure these risks or uncertainties advance, or should underlying assumptions upgrade incorrect, actual results may change materially from those expected.

Our filings with the SEC are rest through the SEC website at www.sec.gov or through our investor relations site at investor.crowncastle.com.

We use our punter relations website to disclose message about us that may engrave deemed to be material.

ABOUT CROWN CASTLE
Crown Castle owns, operates and leases more than 40,000 cell towers and approximately 85,000 route miles of fiber mien small cells and fiber solutions across every major U.S. be snapped up.

This nationwide portfolio of study infrastructure connects cities and communities to essential data, technology be proof against wireless service – bringing facts, ideas and innovations to rendering people and businesses that want them. For more information incidence Crown Castle, please visit www.crowncastle.com.

CONTACTS
Kris Hinson, VP & Treasurer
Crown Castle Inc.
713-570-3050

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