Paul Singer, founding father of Elliott Administration, speaks at Delivering Alpha in New York on September 13, 2016.
David A. Grosjean | CNBC
Crown Fort It was introduced Thursday that CEO Jay Brown would retire, the identical day activist fund Elliott Administration despatched a letter calling for a brand new CEO as a part of a push to “strengthen governance and fiber technique enhancements” on the cell tower firm.
The corporate stated in an announcement that Brown will probably be changed by Anthony Mellon, a member of Crown Fort’s board of administrators, on an interim foundation. The Board of Administrators is conducting a seek for a everlasting successor.
Elliott launched her marketing campaign in late November, urgent for a “complete change in management” to handle “long-term underperformance”. Shares of Crown Fort, an actual property funding belief, are down 13% this yr, whereas the iShares International REIT ETF is up practically 1%.
Elliott beforehand focused Crown Fort in 2020, however stated in an announcement detailing the newest marketing campaign that the corporate “ignored” company enter and pursued a “value-destroying technique.”
Along with the change in govt administration, Elliott can also be looking for to implement adjustments to bylaws and a overview of Crown Fort’s fiber enterprise, main as much as a sale.
Crown Fort describes itself as one of many largest telecommunications infrastructure suppliers within the nation. The corporate controls greater than 40,000 cell towers and rooftop services. Its inventory is down greater than 40% from its 2021 excessive.
Elliott controls a $2 billion stake in Crown Fort. The activist fund, based by Paul Singer, has adopted earlier campaigns at corporations together with Twitter and… Gross sales pressure. This yr, Elliott constructed a $1 billion stake in Phillips 66He’s looking for two seats on the board of administrators of the crude oil refining firm.
Elliott’s spokesperson didn’t instantly reply to CNBC’s request for remark.
He watches: Elliott acquires $1 billion stake in Philips 66
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