8-KLeadership ChangesOther EventsExhibits & Filings

CROWN CASTLE INC. 8-K Report, Executive Changes (Apr 10, 2024)

Filed April 10, 2024For Securities:CCI

Summary

Crown Castle Inc. (CCI) announced a significant leadership transition in its April 10, 2024, 8-K filing. Steven J. Moskowitz has been appointed as the new President and Chief Executive Officer, effective April 11, 2024. Mr. Moskowitz brings over 25 years of experience in the wireless infrastructure sector, including previous leadership roles at American Tower Corporation and as CEO of Centennial Towers Holding LP. This appointment follows a search conducted by the Board's CEO Search Committee. Anthony J. Melone, who has been serving as Interim CEO since January 16, 2024, will transition to a Special Advisor role to Mr. Moskowitz until May 31, 2024, and will continue as a Board member. His transition is expected to be effective as an independent Board member starting June 1, 2024. The company also detailed Mr. Moskowitz's compensation package, which includes a base salary of $900,000 and substantial Restricted Stock Unit (RSU) awards totaling approximately $14.7 million, comprising both time-based and performance-based components. A severance agreement has also been put in place for Mr. Moskowitz.

Key Highlights

  • 1Steven J. Moskowitz appointed as new President and CEO, effective April 11, 2024.
  • 2Mr. Moskowitz has extensive experience in wireless infrastructure, including leadership roles at American Tower and Centennial Towers.
  • 3Anthony J. Melone transitions from Interim CEO to Special Advisor and continues as a Board member.
  • 4Mr. Melone is expected to qualify as an independent Board member from June 1, 2024.
  • 5Mr. Moskowitz's compensation package includes a $900,000 base salary and approximately $14.7 million in RSU awards.
  • 6The compensation package includes both time-based and performance-based RSUs.
  • 7A severance agreement is in place for Mr. Moskowitz, providing for certain benefits upon termination without cause or resignation for good reason.

Frequently Asked Questions

Steven J. Moskowitz has been appointed as the new President and Chief Executive Officer of Crown Castle Inc., effective April 11, 2024.

Mr. Moskowitz has over 25 years of experience in leading, growing, and advising wireless infrastructure companies. His prior roles include CEO and board member of Centennial Towers Holding LP, Senior Advisor to Madison Dearborn Partners, and various leadership positions at American Tower Corporation, including Executive Vice President and President of the U.S. Tower Division.

Anthony J. Melone, who has been serving as Interim CEO, will transition to a Special Advisor role to the new CEO, Steven J. Moskowitz, through May 31, 2024. He will continue to serve as a member of the Board and is expected to qualify as an independent Board member effective June 1, 2024.

Mr. Moskowitz's compensation package includes a 2024 base salary of $900,000, approximately $12.3 million in 2024 Annual RSUs (40% time-based, 60% performance-based), and $2.4 million in 2024 Sign-On RSUs (time-based). He is also eligible for the Company's 2024 Executive Management Team Annual Incentive Plan.