**Crown Castle’s Shares Tumble Following CEO’s Ousting in Under a Year**
**Main Points:**
* Crown Castle’s shares experienced a downturn on Tuesday after the firm disclosed the sudden exit of CEO Steven Moskowitz, who had held the position for under a year.
* The firm didn’t clarify the specific causes for the removal but implied it was linked to the recent strategy to divest its small cell and fiber solutions division for $8.5 billion.
* CFO Dan Schlanger is taking on the role of interim CEO while the firm seeks a permanent successor.
Stocks of Crown Castle Inc. (CCI) decreased by over 3% during midday trading on Tuesday following the news that CEO Steven Moskowitz was out after less than a year in the role.
The real estate investment trust (REIT) suggested the decision was tied to the firm’s plan, unveiled earlier this month, to sell its small cell and fiber solutions divisions for a substantial $8.5 billion.
Crown Castle’s board chairman, P. Robert Bartolo, mentioned that the board feels “now is the appropriate moment to shift leadership to effectively carry out the announced deal concerning our small cells and fiber operations and transform the firm into a pure-play tower entity in the U.S.”
Crown Castle highlighted that Moskowitz’s departure wasn’t due to any disputes regarding company policies or financial results, nor was it connected to any ethical or compliance concerns.
Prior to joining Crown Castle, Moskowitz held the position of President of U.S. Tower Division at American Tower Corp.
AMT assumed the position of chief executive officer on April 11 of the year prior, prepared to guide the firm toward fresh prospects and confront the forthcoming obstacles. BlackRock and Fidelity to Join XRP ETF Race
