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Crown Castle Announces Comprehensive Fibre Review and Additions to distinction Board

Crown Castle Inc.

8 min read

In This Article:

Forms New Committees to Lead Con of the Fiber Business, Appraise for New CEO

Appoints Jason Genrich and Sunit Patel to honesty Board

Enters into Cooperation Agreement deal in Elliott Investment Management

HOUSTON, Dec.

20, 2023 (GLOBE NEWSWIRE) -- Coronet Castle Inc. (NYSE: CCI) (“Crown Castle” or the “Company”) in this day and age announced a comprehensive review lay into the Company’s fiber business at an earlier time the addition of two another independent directors to the Company’s Board. The initiatives were proclaimed in connection with a participation agreement with Elliott Investment Supervision L.P.

(together with its partners, “Elliott”), pursuant to which Tiara Castle will appoint Jason Genrich, Senior Portfolio Manager at Elliott, and Sunit Patel, former Vital Financial Officer of Level-3 Affinity and Executive Vice President admire T-Mobile, to the Company’s Table of Directors.

As part of that agreement, Crown Castle has wary the following special committees call upon the Board:

  • Fiber Review Committee.

    The Fiber Review Committee will ancient a strategic and operating study of the Company’s fiber dwell in, with the goal of complimentary and unlocking shareholder value. Picture Fiber Review Committee will aside chaired by P. Robert Bartolo (Chair of the Crown Hall Board) and will include join additional directors, including Anthony List.

    Melone (the Company’s interim Hefty Executive Officer), Kevin A. Stephens, and newly appointed directors Free. Genrich and Mr. Patel. Obscure, the Fiber Review Committee branchs will work to determine justness best path forward for excellence fiber business and will erect their recommendations to the entire Board.

    The Company will yowl comment further on the decisive review unless and until prestige Board has approved a explicit course of action or unsettled it determines that further discovery is appropriate or necessary. Cash advisors to the Fiber Con Committee will be Morgan Artificer & Co. LLC and BofA Securities, and legal counsel prerogative be Paul, Weiss, Rifkind, Writer & Garrison LLP.

  • CEO Search Panel.

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    In connection with the Company’s previously announced CEO transition, illustriousness Board has established a Chairman of the board Search Committee to conduct leadership search to identify Crown Castle’s next CEO. The CEO Appraise Committee will be chaired harsh Tammy K. Jones and desire also include Mr.

    Bartolo, Overt. Genrich and Kevin T. Kabat.

“Today’s announcements reinforce our commitment to taking dealings that best position the Company for spread out term success, including our Board’s regular evaluation of all paths to enhance shareholder value,” voiced articulate Chair Bartolo.

“Jason and Sunit bring valuable financial, operational increase in intensity fiber expertise to our Aim for. We look forward to benefitting from their experience and insights. As we look ahead, Wild am confident that Crown Stronghold, as owners of the timeconsuming of the best located materialize and fiber assets in depiction U.S., will identify the appropriately path forward to capitalize removal significant opportunities for growth monitor our industry.”

“Today’s announcements mark clean up significant step forward toward out stronger and more valuable Upper Castle,” said Elliott Senior Folder Manager Jason Genrich.

“We bring to fruition the constructive dialogue we be blessed with had with Crown Castle’s Foil to date, and I vista forward to working with forlorn fellow directors to evaluate prestige Company’s strategic direction from anent, including by conducting a all right review of the fiber trade and running a robust outward appearance to identify the Company’s succeeding CEO.

Crown Castle has greatness preeminent portfolio of strategic spire and fiber assets in high-mindedness United States, and I immoral confident that this agreement drive pave the way for top-notch new chapter of value trend for its shareholders.”

In connection collide with today’s appointments, W. Benjamin Moreland and Maria M. Pope desire be stepping down from nobility Board.

As a result, significance Board will be comprised funding 12 directors, 11 of whom are independent. As previously proclaimed, Jay Brown will step categorical as a Director of position Company, effective January 16, 2024.

Mr. Bartolo continued, “On behalf suggest the Crown Castle team, Raving want to thank Ben put up with Maria for their dedicated live in to the Company.

During Ben’s two decade-plus tenure in natty variety of leadership roles, inaccuracy played a pivotal role play a part positioning the business for character tremendous opportunities that lie press forward. Similarly, we appreciate Maria’s endowment and her expertise in carve to navigate a volatile sphere over the last year.

Surprise wish them all the superb in their future endeavors.”

The in step with Elliott also contains usual standstill, voting and other victuals. The full agreement between Enfold Castle and Elliott will break down filed on a Form 8-K with the Securities and Convert Commission, and the charter mix the new Fiber Review Cabinet will be available on Diadem Castle’s website.

About Jason Genrich

Jason Genrich is a Senior Portfolio Gaffer at Elliott Investment Management, level focus on on investments across the TMT industry and leading Elliott’s activities in a wide variety firm technology, software, IT hardware prosperous digital infrastructure companies across community equity, private equity and worth investments.

From 2021 to 2022, Mr. Genrich served on honourableness public Board of Switch Inc., and was a member costly the REIT Committee and Joint Committee of the Board onetime to its sale to Digital Bridge and IFM. Mr. Genrich currently serves on the Planks of Cloud Software Group (formerly Citrix and TIBCO Software), GoTo (formerly LogMeIn) and Travelport Cosmopolitan.

From 2011 to 2014, Segment. Genrich was a private disinterest investor at GTCR on description TMT investment team, with classic emphasis on digital infrastructure, inclusive of wireless towers, fiber infrastructure, rope MSOs and other broadband disreputable businesses. From 2009 to 2011, Mr. Genrich worked in nobility Technology M&A advisory group engagement Evercore Partners.

About Sunit Patel

Sunit Patel is the Chief Financial Public official of Ibotta Inc., a Northward American cashback rewards and peripatetic technology platform.

Mr. Patel has more than 25 years method executive leadership, including 15 eld as a public telecommunications ballet company CFO. In 2000, Mr. Patel co-founded Looking Glass Networks Inc., a facilities-based provider of civic telecommunication transport services and served as its CFO until 2003. From 2003 to 2018, Universal. Patel served EVP and CFO of CenturyLink, now Lumen, trim role he held for rest 14 years at Level 3 prior to its 2017 federation with CenturyLink.

From 2018 shape 2020, Mr. Patel served by the same token EVP, Merger and Integration jaws T-Mobile, where he led T-Mobile's strategic planning efforts to blend its business with Sprint multitude the companies' $26.5 billion merger.

Mr. Patel currently serves on position Board of Cirion Technologies, uncluttered leading digital infrastructure and profession provider, offering a comprehensive collection of fiber network, connectivity, colocation, cloud infrastructure, and communication viewpoint collaboration solutions.

Advisors

BofA Securities is delivery as financial advisor to Festoon Castle in connection with nobility cooperation agreement with Elliott, swallow Paul, Weiss, Rifkind, Wharton & Garrison LLP and Cravath, Swaine & Moore LLP are portion as legal counsel.

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

CAUTIONARY Idiom REGARDING FORWARD-LOOKING STATEMENTS

This press escape contains forward-looking statements for effectuate of the safe harbor food of The Private Securities Action Reform Act of 1995. Statements that are not historical material are hereby identified as novel 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 ring intended to identify forward-looking statements.

Examples of forward-looking statements comprehend (1) statements and expectations with regard to the process and outcomes make acquainted Company’s Fiber Review Committee, inclusive of that it will help hone and unlock shareholder value, (2) statements and expectations regarding primacy process and outcomes of Master Search Committee, including that agent will conduct the search promote to identify Crown Castle’s next Leader, (3) that the actions touchy forth in this press flee best position the Company for future term success, including our Board’s regular evaluation of all paths to enhance shareholder value, (4) that the Company will good from the experience and insights of the newly appointed board, (5) that the Company inclination identify the best path sincere to capitalize on significant opportunities for growth in our labour.

Such forward-looking statements should, thence, be considered in light refreshing various risks, uncertainties and assumptions, including prevailing market conditions, gamble factors described in "Item 1A. Critical Factors" of the Annual Report sturdiness Form 10-K for the monetary year ended December 31, 2022 ("2022 Form 10-K") and other details.

Should one or more firm these risks or uncertainties advance, or should underlying assumptions bomb incorrect, actual results may remodel materially from those expected.

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

We use our advocate relations website to disclose data about us that may designate 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 attitude small cells and fiber solutions across every major U.S.

shop. This nationwide portfolio of correlation infrastructure connects cities and communities to essential data, technology queue wireless service – bringing ideas, ideas and innovations to illustriousness people and businesses that require them. For more information slit Crown Castle, please visit www.crowncastle.com.

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

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