Crown Castle Inc. (NYSE: CCI) yesterday filed its preliminary proxy materials with the Securities and Exchange Commission in connection with its 2024 Annual Meeting of Stockholders to be held on May 22, 2024. In addition, Crown issued a statement that challenged a recent letter, reported by Inside Towers, from co-founder Ted Miller directed to the Board critical of its operating procedures and reaction to issues presented by disgruntled investor Elliott Management.
In connection with the filing, the company announced that the Board has nominated 12 directors to stand for election at the company’s Annual Meeting. The Board’s nominees, according to Crown, comprise “diverse individuals with executive and public-company board experience across a range of relevant backgrounds, including telecommunications, towers, fiber, real estate and REIT, as well as strategic planning, finance, M&A and technology, all of whom are actively engaged in overseeing the execution of the company’s strategy.”
The company issued the following letter to Crown Castle Shareholders, which lays out the steps that the Board is currently taking to create shareholder value and aims to set the record straight regarding certain statements made by Ted Miller and Boots Capital Management, LLC.
“Dear Shareholders,
The Crown Castle Board and management team believe that we have made significant strides over the last three months toward creating a stronger and more valuable company. We remain focused on the comprehensive strategic and operating review of the fiber and small cell business, in conjunction with Morgan Stanley, BofA Securities, and leading industry consultants. We also remain focused on the search for the company’s next CEO with the support of a leading executive search firm. We expect to share an update on the progress of these initiatives in the near future.
The Board values feedback from all of its shareholders, and as we advance these initiatives, we are committed to acting in our shareholders’ best interests by positioning Crown Castle for long-term success and value creation.
Recently, Boots Capital and in particular one of its principals, Ted Miller, have publicly provided suggestions regarding our fiber and small cell business and the operations of our tower business. We believe a number of these statements are misleading to the market, and we want to ensure our shareholders have heard all of the facts.”
Crown issued a point-by-point denial of claims by Ted Miller that can be seen here.
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