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Takeaways
- Crown Castle shares dropped in intraday trade Tuesday after the provider towers and other communication infrastructure announced that Steven Moskowitz was stepping down from his position as chief executive officer. He had been at the helm for less than a full year.
- The company didn’t give a reason for the termination but did say that the decision was made in connection with its $8.5 billion planned sale of small cells and fiber solution businesses.
- Dan Schlanger is the Chief Financial officer and will act as interim CEO. A search to find a replacement CEO has begun.
Crown Castle Inc. (CCI) shares fell more than 3% in Tuesday afternoon trading, after the provider of towers and other communications infrastructure announced it was terminating Steven Moskowitz as its CEO following less than a year at the helm.
The real estate trust said that it took the decision to sell its small cells and fibre solutions businesses for $8.5 billion earlier this month.
Crown Castle Board Chair P. Robert Bartolo explained that the Board decided now was the time to make the leadership transition. This would allow the Company to complete the previously announced sales of its small cells and fiber solution businesses, and transform it into a U.S.-only tower business.
Crown Castle says CFO will become interim CEO
The company stated that Moskowitz’s termination was not due to “any disagreement about Crown Castle’s policies, financial performance or any ethical or compliance concerns” and was not for cause.
Crown Castle said that Dan Schlanger, the CFO, will assume the role of interim CEO. A search for a new CEO is currently underway. Moskowitz was previously president of American Tower Corp.’s U.S. Tower division. He became CEO of Crown Castle on April 11, last year.
