8-KLeadership ChangesExhibits & Filings

CROWN CASTLE INC. 8-K Report, Executive Changes (Jul 15, 2008)

Filed July 15, 2008For Securities:CCI

Summary

Crown Castle International Corp. (CCI) filed an 8-K on July 15, 2008, reporting key executive changes and agreements. The most significant event is the amendment to the severance agreement for W. Benjamin Moreland, formalizing his transition to President and Chief Executive Officer effective July 1, 2008. This amendment did not alter the existing terms of his severance package, ensuring continuity in executive compensation arrangements. Additionally, the filing details the new severance agreement entered into with Jay A. Brown, the Senior Vice President, Chief Financial Officer, and Treasurer. While the specifics are incorporated by reference to the company's April 8, 2008, Definitive Proxy Statement, it's noted that Mr. Brown's agreement follows the company's standard form for officers (excluding certain others) and includes a defined annual bonus of 65% of his base salary. The full severance agreement with Mr. Brown is filed as an exhibit to this report.

Key Highlights

  • 1W. Benjamin Moreland's severance agreement amended to reflect his new role as President and CEO, effective July 1, 2008.
  • 2The amendment to Mr. Moreland's severance agreement did not change the underlying terms.
  • 3Jay A. Brown, SVP, CFO, and Treasurer, has entered into a new severance agreement.
  • 4Mr. Brown's severance agreement is based on the company's standard form for officers (excluding Messrs. Kelly, Moreland, and Hawk).
  • 5Mr. Brown's agreement includes a defined annual bonus of 65% of his base salary.
  • 6The severance agreement with Jay A. Brown is filed as Exhibit 10.1 to this Form 8-K.
  • 7This filing primarily addresses changes in executive roles and associated compensation/severance agreements.

Frequently Asked Questions

The amendment formally recognizes W. Benjamin Moreland's transition to President and Chief Executive Officer, effective July 1, 2008. Importantly, it clarifies that this change in role does not alter the existing terms of his severance agreement, providing clarity and stability regarding his executive compensation.

Jay A. Brown's severance agreement is consistent with the company's standard form for officers (excluding certain senior executives) and includes a defined annual bonus set at 65% of his base salary. Further details are incorporated by reference to the company's April 8, 2008, Definitive Proxy Statement.

Companies often enter into severance agreements with key executives to outline compensation and benefits in the event of termination of employment under specific circumstances. This provides security for the executive and a clear framework for the company, and is a standard practice for senior leadership.

No, this Form 8-K filing is specifically focused on reporting changes related to executive officers, including their roles and severance agreements. It does not contain financial statements or updates on the company's operational performance.