Crown Castle shares dropped by over 3% in intraday trading after the company announced it was terminating its CEO, Steven Moskowitz. The decision comes amid the planned $8.5 billion sale of its small cells and fiber solutions businesses.
Moskowitz took over as CEO on April 11 last year, but the reasons for his termination were not disclosed. However, Crown Castle said the move is intended to ensure a successful completion of the sale and transformation into a pure-play US tower business.
The company’s interim CEO will be Chief Financial Officer Dan Schlanger, who will lead the search for a replacement CEO. Moskowitz’s departure was not related to disagreements over policies or financial performance.
Source: https://finance.yahoo.com/news/crown-castle-stock-drops-ceo-181651405.html