Crown Castle CEO to step down following activist investor push

Crown Castle Inc's CEO, Jay Brown, is set to step down on Jan. 16, following pressure from activist investor Elliott Investment Management.

Elliott Investment Management, seeking a leadership change, recently called for a board shake-up at the wireless tower owner.

Crown Castle's shares experienced a 1.5% rise to $119.40 in extended trade after the announcement of CEO Brown's departure.

Anthony Melone, a board member, will serve as interim CEO until a permanent replacement is found through a search process.

Elliott, who blamed the company's board and management for underperformance, has not provided immediate comments on Brown's resignation.

Last month, Elliott expressed readiness to nominate directors at Crown Castle and advocated for a review of its fiber strategy, suggesting a potential sale.

This marks the second time Elliott has publicly pressured Crown Castle, having previously criticized its returns and urged a rethink of its fiber infrastructure strategy in 2020.

Elliott has also pressed U.S. oil refiner Phillips 66 to revamp its board to address performance concerns.