8-KLeadership Changes

CROWN CASTLE INC. 8-K Report, Executive Changes (Oct 18, 2007)

Filed October 18, 2007For Securities:CCI

Summary

Crown Castle International Corp. (CCI) filed an 8-K on October 18, 2007, reporting a change in its Board of Directors. Robert H. Niehaus resigned as a non-employee director, effective October 17, 2007. Concurrently, the Board appointed David C. Abrams as a Class I director, increasing the Board's size to 11 members. Mr. Abrams brings significant experience in investment management, having served as the managing member of Abrams Capital, LLC since 1988 and managing partner of Pamet Capital Management LLC since 2002. Notably, Mr. Abrams has prior experience as a director of Crown Castle, serving from January 20, 2007, to May 24, 2007. Investors should note that Mr. Abrams was previously involved in a significant stock repurchase by the company, where investment funds affiliated with him sold approximately 2.8 million shares.

Key Highlights

  • 1Robert H. Niehaus resigned as a non-employee director of Crown Castle International Corp. on October 17, 2007.
  • 2The Board of Directors appointed David C. Abrams as a new director, effective October 18, 2007.
  • 3The appointment of Mr. Abrams increases the size of the Board to 11 directors.
  • 4David C. Abrams is the managing member of Abrams Capital, LLC and managing partner of Pamet Capital Management LLC.
  • 5Mr. Abrams has prior experience as a director of Crown Castle, having served from January 20, 2007, to May 24, 2007.
  • 6Investment funds affiliated with Mr. Abrams sold approximately 2.8 million shares of Crown Castle common stock to the company in January 2007 as part of a stock repurchase.

Frequently Asked Questions

The filing states that Robert H. Niehaus resigned as a non-employee director on October 17, 2007, due to his decision to do so. The specific reasons behind his decision are not detailed in this 8-K filing.

David C. Abrams is an experienced investment professional. He has been the managing member of Abrams Capital, LLC since November 1988 and the managing partner of Pamet Capital Management LLC since January 2002. He also has previous experience serving on Crown Castle's Board of Directors.

Yes, David C. Abrams has had prior dealings with Crown Castle. He previously served as a director of the company from January 20, 2007, through May 24, 2007. Additionally, in January 2007, investment funds affiliated with Mr. Abrams sold approximately 2.8 million shares of the company's common stock to Crown Castle as part of a stock repurchase program.

Following the appointment of David C. Abrams, the number of directors on the Board of Directors of Crown Castle International Corp. has been set to 11.