Elliott Investment Management Pressures Crown Castle for Leadership Shake-Up

Activist investor, holding a $2 billion stake, threatens to propose alternative board candidates if demands for governance and strategy improvements are not met.

• Elliott Investment Management LP, an activist investor, has called for a shake-up in the leadership of Crown Castle Inc., a real estate investment trust and communications infrastructure provider.
• Elliott, which holds a $2 billion stake in Crown Castle, claims the company's board disregarded its 2020 demands for enhanced governance and fiber-strategy improvements.
• The investor is prepared to put up its own slate of alternative board candidates at Crown Castle's shareholder meeting next May if necessary.
• Elliott also wants a strategic and operating review of Crown Castle’s fiber business, an optimized incentive plan for executives, and improved corporate governance.
• Despite a 3.6% intraday gain on the day of Elliott's announcement, shares of Crown Castle are down for the year.

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