US towerco Crown Castle has promoted long-time CFO Jay Brown to the role of president and CEO, effective 1 June. Brown, who succeeds Ben Moreland, CEO since 2008, has said he believes the company is well placed to take advantage of “the tremendous opportunities” that come from wireless carriers continuing to enhance their networks.
US towerco Crown Castle (NYSE:CCI) has promoted long-time CFO Jay Brown to the role of president and CEO, effective 1 June.
Brown (pictured) succeeds Ben Moreland, CEO since 2008, who will become executive vice-chairman of the board of directors, responsible for overseeing strategy, the Houston-based company announced in a statement on its fourth quarter 2015 results. It is on the lookout for a new CFO.
The company expects that Brown will be nominated to stand for election to the board at the shareholders’ 2016 AGM.
“The board of directors is extremely pleased to put in place a succession plan that we believe ensures continuity of the company’s strategy and vision,” said board chairman J Landis Martin.
Brown commented: “Crown Castle is well positioned for the tremendous opportunities that lie ahead in the US as the wireless carriers continue to enhance their networks for consumers. As such, our strategy remains unchanged … we will remain focused on driving long-term shareholder returns through disciplined capital allocation and delivering for our customers.”
Brown, a certified public accountant, has served as senior vice president and CFO since July 2008. He first joined the company in August 1999, holding positions in corporate development and finance before becoming vice president of finance in August 2001, a role he held until his appointment as CFO, and treasurer in May 2004.
Crown Castle reported net income for the fourth quarter of US$141.1m, down from US$152.6m a year earlier. However, net income for the year rose to US$1.5bn from US$399m in 2014. Its net debt as of 31 December stood at US$12.07bn.
Last year, the company sold its Australian business to focus exclusively on the US market. It also acquired fibre company Sunesys, in August, for about US$1bn in cash, strengthening its position in small cell networks and more than doubling its fibre footprint for deployments. Crown Castle said that, during the fourth quarter, Sunesys generated US$26m of its total US$785m in site rental revenues.