Crown Castle has confirmed that it has terminated the contract of its CEO Steven Moskowitz after less than 12 months at the helm.
In an announcement yesterday (March 24), the tower company stated that its board of directors has appointed Dan Schlanger, executive vice president (EVP) and chief financial officer (CFO), as interim CEO effective immediately.
Moskowitz's departure comes just short of a year at the helm of Crown Castle. He was appointed in April last year.
He replaced former CEO Jay Brown, who announced his departure in December 2023. Brown had led the company since 2016.
Crown Castle said it has kicked off its search for Moskowitz's long-term successor.
“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 US tower business," said P. Robert Bartolo, chair of the Crown Castle board of directors.
"Looking ahead, Crown Castle will be well positioned to provide focused exposure to what we believe is the best market for wireless infrastructure in the world, and we are confident that installing new CEO leadership will put the company on the best path forward to maximize long-term shareholder value. The board thanks Steven for his contributions to the company.”
Crown Castle didn't specify a reason for Moskowitz's termination, but noted that it "was not a result of any disagreement regarding Crown Castle’s policies or financial performance and was not made for cause or related to any ethical or compliance concern."
Earlier this month, Crown Castle announced it had agreed to sell its fiber and small cells assets for a combined $8.5 billion. The company has agreed to sell its fiber assets to Zayo Group, while EQT Active Core Infrastructure will buy its small cell assets.
Schlanger will continue to serve as CFO until April 1, 2025, at which time Sunit Patel will assume the role of EVP and CFO.
Until a replacement is found, Schlanger will continue as interim CEO. Once a replacement CEO has been appointed, the Crown Castle board said it intends to appoint Schlanger as chief transformation officer, overseeing the completion of the company's small cells and fiber business.
Across the US, Crown Castle operates more than 40,000 towers, 120,000 small cells on air or under contract to go on air; and around 85,000 route miles of fiber.
