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Nov 27 (Reuters) –
Activist investor Elliott Investment Management is seeking new executive and board changes at Crown Castle in a letter released on Monday, after disclosing a $2 billion stake in the real estate investment trust.
Shares of Crown Castle were up more than 5% premarket.
“Crown Castle suffers from a profound lack of oversight by the Board, which has contributed to its irresponsible stewardship and flawed financial policy,” Elliott said in the letter.
“The company’s strategy, led by CEO Jay Brown since 2016, has been a failure, as demonstrated by the breathtaking magnitude of its underperformance.”
This is the second time the U.S. activist hedge fund has sought to pressure Crown Castle for change. Three years ago, it asked the company’s management to rethink its fiber infrastructure strategy and criticized its returns.
Crown Castle did not immediately respond to a Reuters request for comment. (Reporting by Samrhitha Arunasalam in Bengaluru; Editing by Pooja Desai)
