Crown Castle, a provider of towers and other communications infrastructure, announced the termination of Steven Moskowitz as its chief executive officer on Tuesday. Moskowitz had been at the helm for less than a year. The company did not disclose a specific reason for the termination.
However, it said the decision was made amid its planned $8.5 billion sale of its small cells and fiber solutions businesses. Chief Financial Officer Dan Schlanger will take on the role of interim CEO. A search for a replacement CEO is underway.
Leadership change at Crown Castle
Crown Castle shares fell more than 3% in Tuesday afternoon trading following the announcement. The company indicated that the decision was related to its planned sale of its small cells and fiber solutions businesses earlier this month.
“The Board determined that now is the right time to make this leadership transition to successfully complete the previously announced sale of the Company’s small cells and fiber solutions businesses and transform the company into a pure-play U.S. tower business,” Crown Castle Board Chairman P. Robert Bartolo said. Crown Castle stated that Moskowitz’s termination was not due to any disagreement regarding the company’s policies or financial performance.
It was also not made for cause or related to any ethical concerns. Moskowitz, who previously served as president of the U.S. Tower business of American Tower Corp., became CEO on April 11 last year.
