HOUSTON, TX - Crown Castle Inc. (NYSE:CCI), a real estate investment trust (REIT) specializing in wireless infrastructure, announced today that Executive Vice President and Chief Financial Officer Daniel K. Schlanger will depart from his role effective March 31, 2025. The company, currently valued at approximately $38 billion, confirmed this transition in a recent filing with the Securities and Exchange Commission. According to InvestingPro data, the stock has experienced significant pressure, trading near its 52-week low of $88.26.
Schlanger, who entered into a severance agreement with Crown Castle in April 2016, will be eligible for certain payments and benefits upon his separation under the terms of that agreement. The specifics of the severance package were not disclosed in the filing.
Crown Castle has not yet named a successor to Schlanger. His impending departure is classified as a "Qualifying Termination" according to company documents. Schlanger's tenure as CFO has seen Crown Castle expand its portfolio of wireless infrastructure assets, including cell towers and fiber networks, which support the growing demand for wireless data and connectivity.
The company's stock, which is traded on the New York Stock Exchange under the ticker symbol CCI, may be watched closely by investors as the search for a new CFO begins. The announcement comes as part of the company's ongoing executive management reorganization.
In other recent news, Crown Castle has experienced a series of events that have stirred investor interest. Analysts from Jefferies downgraded Crown Castle's stock from 'Buy' to 'Hold', citing concerns over the potential sale of the company's Fiber & Small Cell business. The firm also reduced the price target to $84.00, a significant decline from the previous target of $127.00. This downgrade was due to lower than expected valuations of the Fiber & Small Cell business and potential impacts on the company's earnings.
On a different note, Crown Castle has made amendments to its corporate bylaws and adjusted stockholder rights, enhancing its governance framework. These changes include allowing for stockholder-initiated special meetings and altering the voting requirements for future amendments.
Different analyst firms have also given their perspectives on Crown Castle. RBC Capital increased the price target to $109, maintaining a neutral expectation of the company's stock performance, while Goldman Sachs kept a neutral rating on the shares, with a steady price target of $120.00. KeyBanc Capital Markets maintained a Sector Weight rating on Crown Castle's shares, highlighting the company's recovery in tower leasing activity and operational enhancement.
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