Activist investor Elliott Investment Management has announced that it is prepared to nominate directors at Crown Castle International, and push out current executives and board members, in light of continued underperformance, according to a report by Reuters.
The report cited a letter released by the hedge fund that hinted to a proxy fight next year as Elliott pushes for wider leadership change at the telecom infrastructure firm. The fund also wants the company to re-plan its fibre strategy.
“We are prepared and intend to make our case directly to shareholders with a majority slate of alternative directors at the company’s 2024 annual meeting,” Elliott managing partner Jesse Cohn and senior portfolio manager Jason Genrich were quoted saying in the letter.
