Crown Castle Inc.’s stock
CCI,
was up by 0.6% in premarket trading on Friday after activist investor Elliott Investment Management LP said the company’s advance to substitute its chief executive marked a “step in the right direction” for the cell tower real estate investment trust. Crown Castle said late Thursday that Jay Brown plans to retire as chief executive on Jan. 16. The company named board member Anthony Melone as interim chief executive at that time. The board will conduct a seek to find a permanent chief executive. Elliott said it plans to work with Crown Castle on the transition. “We believe that additional significant changes are needed to ensure that Crown Castle is best positioned to accomplish its potential for shareholders,” Elliott said. “We look forward to continuing our dialogue with the company’s board regarding the necessary next steps, including a comprehensive review of the Fiber business, meaningful governance enhancements and a robust and transparent seek process for Crown Castle’s next CEO.”
