8-KLeadership ChangesRegulation FDExhibits & Filings

CROWN CASTLE INC. 8-K Report, Executive Changes (Mar 9, 2016)

Filed March 9, 2016For Securities:CCI

Summary

Crown Castle International Corp. (CCI) filed an 8-K report on March 9, 2016, primarily to announce a significant change in its executive leadership. The company appointed Daniel K. Schlanger as its new Chief Financial Officer (CFO), effective June 1, 2016. Mr. Schlanger will initially join the company as a Senior Vice President (SVP) starting April 1, 2016, to facilitate a smooth transition. His background includes extensive experience in finance and operations within the energy sector, including previous CFO and SVP roles at Exterran companies and investment banking experience at Merrill Lynch. This appointment comes with a comprehensive compensation package designed to attract and retain Mr. Schlanger. This includes a base salary of $500,000, various restricted stock unit (RSU) grants for 2016 totaling a significant value, and participation in the company's 2016 Executive Management Team Annual Incentive Plan. A severance agreement, similar to those for other officers, has also been put in place. Investors should note this as a key development in the company's senior management team, particularly concerning financial oversight and strategic direction.

Key Highlights

  • 1Crown Castle International Corp. announced the appointment of Daniel K. Schlanger as its new Chief Financial Officer (CFO), effective June 1, 2016.
  • 2Mr. Schlanger will join Crown Castle as Senior Vice President (SVP) on April 1, 2016, to oversee the transition.
  • 3Mr. Schlanger brings a strong financial and operational background, with prior experience as CFO and SVP at Exterran companies and as an investment banker at Merrill Lynch.
  • 4Mr. Schlanger's compensation package includes a 2016 base salary of $500,000.
  • 5He will receive substantial Restricted Stock Unit (RSU) grants, including New Hire RSUs valued at approximately $1.5 million, along with time-vest and performance-based RSUs.
  • 6Mr. Schlanger will participate in the company's 2016 Executive Management Team Annual Incentive Plan.
  • 7A severance agreement has been established for Mr. Schlanger, with terms generally consistent with those for other company officers.

Frequently Asked Questions

Daniel K. Schlanger has been appointed as the new CFO of Crown Castle International Corp., effective June 1, 2016.

Mr. Schlanger will officially take over as CFO on June 1, 2016. However, he will join the company as a Senior Vice President (SVP) starting April 1, 2016, to ensure a smooth handover.

Mr. Schlanger has a strong background in finance and operations. He previously served as SVP and CFO of Exterran GP LLC, held SVP roles at Exterran Corporation and Exterran Holdings, Inc., and worked as an investment banker at Merrill Lynch focusing on M&A and capital markets in the energy sector.

Mr. Schlanger's compensation includes an annualized base salary of $500,000 (effective April 1, 2016), grants of restricted stock units (RSUs) with significant value, including a new hire grant of approximately $1.5 million, and participation in the 2016 Executive Management Team Annual Incentive Plan.