Crown Castle Co-Founder Ted B. Miller Files Preliminary Proxy Materials, Says "Crown Castle's Failed Strategy Under Current Leadership Has Destroyed Shareholder Value; As A Result, Crown Castle's Stock Price Recently Hit 6-Year Low; Company Has Performed Worse Than Peers For 15 Years"
Portfolio Pulse from Benzinga Newsdesk
Ted B. Miller, co-founder of Crown Castle Inc. (CCI), and his investment vehicle, Boots Capital Management, LLC, have filed preliminary proxy materials with the SEC for Crown Castle's 2024 Annual Meeting. Miller criticizes the current leadership for destroying shareholder value and proposes a new slate of directors to restore the company's performance. Crown Castle's stock recently hit a six-year low, underperforming peers for over a decade. Miller's plan aims to refocus on the core tower business and reverse the company's fortunes.
March 28, 2024 | 3:54 pm
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Crown Castle Inc. faces criticism from co-founder Ted B. Miller for destroying shareholder value and underperforming peers. Miller proposes a new director slate to refocus on core business and improve performance.
The filing of preliminary proxy materials by Ted B. Miller and Boots Capital signifies a significant push for change at Crown Castle, indicating a potential shift in strategy and leadership that could positively impact the company's stock price in the short term. The criticism of current leadership and the proposed focus on the core tower business, coupled with the recent underperformance of CCI's stock, suggests that if Miller's nominees are elected, there could be renewed investor confidence and a positive impact on the stock price.
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