Crown Castle (CCI) said Monday its board continues to support its executive leadership after shareholder Elliott Investment Management said the company needs "comprehensive leadership change" and a review of its fiber business to address the company's "long-term underperformance".
"The company's board of directors remains confident in Crown Castle's executive leadership as the company continues to act in the best interests of all shareholders," it said in a statement in response to Elliot's letter to the board calling for
"significant changes," including new executive and board leadership, and described the company's strategy as "a failure."
Elliot said it has a $2 billion position in the real estate investment trust.
"We value the views of all our shareholders as we seek to better understand their perspectives on our strategy, performance and business objectives," Crown Castle said. "We look forward to reviewing Elliott's materials and are open to commencing a constructive engagement with Elliott."
Shares of Crown Castle rose more than 4% in recent trading.
Price: 108.58, Change: +5.00, Percent Change: +4.83