- After almost eight years in the position
- Praise, thanks and good wishes for Brown
- Tony Melone taking over temporarily
- Search for a successor
- Brown kept it short and said 60 words
(exechange) — Houston, Texas, December 7, 2023 — Jay Brown, chief executive of Crown Castle, leaves his position. As announced by Crown Castle Inc. in a news release and in a regulatory filing published on Thursday, December 7, 2023, Jay A. Brown leaves his post as chief executive officer at the real estate investment trust and provider of shared communications infrastructure, after almost eight years in the role, effective January 16, 2024.
Generally speaking, it raises questions when a CEO leaves his post at short notice.
Crown Castle will undertake a search for a successor.
Jay Brown’s duties as CEO will be taken over temporarily by Anthony J. (Tony) Melone, a former Chief Technology Officer at Verizon Communications, as interim Chief Executive Officer.
Already a director
Melone has already been a member of the board of directors of Crown Castle. Directors-turned-executives represent a blend of outsider and insider.
They don’t have the constraints of a pure insider when it comes to leading painful changes or making unpopular decisions, and they have more company knowledge than a pure outsider.
Having been a director, Melone understands the expectations and dynamics of the board and has knowledge of Crown Castle’s organization, risk-management practices and strategy.
No reason given
In the announcement, Crown Castle did not explicitly explain the reason for the move.
Precise information regarding Jay Brown’s future plans was not immediately available.
“Retire”
Crown Castle said: “Jay Brown informed the Company’s Board of Directors on December 6, 2023 of his decision to retire as Crown Castle’s President, Chief Executive Officer and a Director of the Company, effective January 16, 2024. The Board has appointed Anthony Melone, a member of Crown Castle’s Board, to begin serving as interim CEO at that time.”
Share price decline since December 2021
The announcement follows a decline in Crown Castle Inc.’s share price of 35% since December 2021.
In the position of CEO since 2016
Jay Brown became CEO of the Company in 2016.
Brown was elected to the Board as a director in May 2016 and has served as the Company’s President and CEO since June 2016.
Previously, Brown served as the Company’s Senior Vice President (“SVP”), Chief Financial Officer (“CFO”) and Treasurer from July 2008 to May 2016. Brown served as Vice President of Finance from August 2001 until his appointment as the Company’s CFO and, during such time, was also appointed Treasurer in May 2004.
From the time he joined the Company in August 1999 until July 2001, Brown served in a number of positions in corporate development and corporate finance.
Brown serves on the advisory board of governors of the National Association of Real Estate Investment Trusts (NAREIT) and the advisory board of Hankamer School of Business at Baylor University.
Brown also serves on the board of trustees of Baylor College of Medicine and board of regents of Baylor University.
60 words by Jay Brown
In the release announcing his departure as CEO of Crown Castle Inc., Jay Brown received praise, thanks and good wishes.
In announcing his departure, Jay Brown kept it short and said 60 words.
“The Company’s future is bright”
Jay Brown stated: “It has been a privilege to lead this outstanding company and be a part of its growth and success for over two decades. I’m confident the Company’s future is bright as its world-class team continues the critical work to connect people, communities and businesses with each other and to the data, technology and wireless services they rely on every day.”
Push-out Score for Jay Brown’s move determined
The Push-out Score indicates on a scale of 0 to 10 how likely it is that Jay Brown was pushed out or felt pressure to leave his position.
exechange reached out to Crown Castle and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 50.2023 ($).