Key Takeaways
- Crown Castle shares fell in intraday trading Tuesday after the provider of towers and other communications infrastructure announced it was terminating Steven Moskowitz as its chief executive officer after less than a year at the helm.
- The company didn’t disclose a specific reason for the termination, although it said it made the decision amid its planned $8.5 billion sale of its small cells and fiber solutions businesses.
- Chief Financial Officer Dan Schlanger will take on the role as interim CEO and a search for a replacement CEO is underway.
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 investment trust said Monday that it made the decision in relation to its planned $8.5 billion sale of its small cells and fiber solutions businesses earlier this month.
“The Board determined that now is the right time to make this leadership transition to successfully complete the previously announced sale of the Company’s small cells and fiber solutions businesses and transform the company into a pure-play U.S. tower business,” Crown Castle Board Chairman P. Robert Bartolo said.
Crown Castle Says CFO Will Become Interim CEO
Moskowitz’s termination wasn’t due to “any disagreement regarding Crown Castle’s policies or financial performance and was not made for cause or related to any ethical or compliance concern,” the company said.
CFO Dan Schlanger will take on the role of interim CEO and a search for a replacement CEO is underway, Crown Castle said. Moskowitz, who previously had served as president of the U.S. Tower business of American Tower Corp. (AMT), became CEO on April 11 last year.
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