8-KLeadership ChangesRegulation FDExhibits & Filings

CROWN CASTLE INC. 8-K Report, Executive Changes (Aug 18, 2021)

Filed August 18, 2021For Securities:CCI

Summary

Crown Castle Inc. (CCI) announced significant executive leadership changes via an 8-K filing on August 18, 2021. Robert C. Ackerman, Executive Vice President and Chief Operating Officer–Towers, will retire effective September 1, 2021, after 23 years of service. He will remain with the company in an advisory role until February 2022 to ensure a smooth transition. Concurrently, Catherine Piche has been appointed as the new Executive Vice President and Chief Operating Officer–Towers, also effective September 1, 2021. Ms. Piche brings extensive experience in site development and operations, having previously held senior roles within CCI and at other major telecommunications companies. Her appointment is accompanied by a compensation package, including a salary increase and a significant restricted stock unit grant, reflecting her new responsibilities.

Key Highlights

  • 1Retirement of Robert C. Ackerman, Executive Vice President and Chief Operating Officer–Towers, effective September 1, 2021, after 23 years with the company.
  • 2Robert C. Ackerman will continue in an advisory capacity through February 21, 2022, to support the transition.
  • 3Appointment of Catherine Piche as the new Executive Vice President and Chief Operating Officer–Towers, effective September 1, 2021.
  • 4Catherine Piche has a strong background in project delivery, design, construction, and leadership within the telecommunications industry.
  • 5Ms. Piche's compensation package includes an increased annual base salary to $450,000.
  • 6Ms. Piche will receive restricted stock units valued at approximately $1,000,000, vesting over three years.
  • 7The company issued a press release on August 18, 2021, announcing these executive changes.

Frequently Asked Questions

Robert C. Ackerman's retirement marks the end of a long tenure for a key executive in Crown Castle's tower operations. His continued advisory role is intended to ensure a stable handover of responsibilities and knowledge transfer to his successor.

Catherine Piche has a comprehensive background in project delivery, design, and construction, with significant leadership experience within Crown Castle and prior roles at American Tower Corporation, Sprint, and AT&T Wireless. Her extensive experience in site development and operations makes her well-suited to lead the Towers segment.

Ms. Piche's compensation package includes an increase in her annual base salary to $450,000 and a grant of restricted stock units (RSUs) valued at approximately $1,000,000. These RSUs will vest in three equal installments over the next three years, aligning her incentives with the company's long-term performance.

Yes, Ms. Piche's severance agreement includes provisions that generally prohibit her from engaging in business activities related to owning, leasing, developing, designing, operating, or constructing fiber optic communication cable networks, or communications towers (including distributed antenna systems and small cells) in the United States or any country where CCI operates, for one year following the termination of her employment.