After the stock market closed yesterday, Crown Castle International Corp. (NYSE: CCI) reported results for the quarter and year ended December 31, 2015, and announced that the Board of Directors has approved a succession plan for its Chief Executive Officer. The Houston-based tower company said Jay Brown, 43, currently Crown Castle’s Chief Financial Officer, will become Crown Castle’s President and Chief Executive Officer effective June 1. Ben Moreland, currently Crown Castle’s President and Chief Executive Officer, will remain in an executive position as Executive Vice-Chairman of the Board of Directors.
“The fourth quarter 2015 results demonstrate the continuing investments being made by the wireless carriers as they seek to improve network quality and capacity in order to meet consumer demand,” Moreland said. “In addition to delivering great results throughout the year, we accomplished a number of strategic objectives in 2015, that strengthened our portfolio of assets, expanded our growth opportunities and fortified our balance sheet. Looking ahead to the remainder of 2016, and beyond, we believe the positive underlying fundamentals driving the increase in mobile data and the resulting need for continued network investments remain strong, as evidenced by our increased full year 2016 Outlook and our long-term goal of achieving 6% to 7% annual growth in dividend per share. Our confidence in delivering this level of growth is underpinned by our long-term, high quality tenant leases that represent $20 billion in future contracted rent payments and the attractive value proposition that we offer to the wireless carriers. As a shared wireless infrastructure provider, Crown Castle provides the wireless carriers with quick and cost-effective access to wireless infrastructure as they seek to upgrade and enhance their networks to meet increasing consumer demand for mobile data.”
Crown Castle said it is conducting an executive search for the CFO to succeed Brown, a Certified Public Accountant. Brown was appointed Senior Vice President, CFO and Treasurer of the Company effective July, 2008. He was appointed Treasurer of the Company in May, 2004, and served as Vice President of Finance of the Company from August, 2001, until his appointment as CFO. Prior to that time and since joining the Company in August of 1999, Brown served in a number of positions in corporate development and corporate finance.
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