Crown Castle Investor Elliot Calls for Leadership Change

Elliott Investment Management Monday called for "significant changes" to Crown Castle's executive and board leadership. The firm, which manages a roughly $2 billion investment in Crown Castle, cited in its letter to Crown Castle a "history of underperformance" and "profound lack of oversight by the board." "After spending $19 billion on its fiber strategy, performance remains poor and the company's fiber investments now generate yields that are not only below its cost of capital, but astoundingly, also below the risk-free rate of return," the letter said. Elliot called for "comprehensive leadership change," a reevaluation of the company's fiber strategy and "improved corporate governance." Crown Castle said it "remains confident" in its executive leadership. "We look forward to reviewing Elliott’s materials and are open to commencing a constructive engagement with Elliott," it said.