Crown Castle Inc. Appoints Sunit Patel as Executive Vice President and Chief Financial Officer

Crown Castle Inc. appoints Sunit Patel as CFO, effective April 1, 2025, enhancing its leadership team.

Quiver AI Summary

Crown Castle Inc. has appointed Sunit Patel as the new Executive Vice President and Chief Financial Officer, effective April 1, 2025. Patel, who will step down from the Crown Castle Board of Directors on March 17, 2025, brings over 30 years of experience in finance and telecommunications, having previously served as CFO for companies including Ibotta, CenturyLink, and T-Mobile. His expertise positions him well to lead the company during its forthcoming divestiture and to solidify Crown Castle's status as the only pure-play, publicly traded U.S. tower company. He holds a B.S. degree in Chemical Engineering and Economics from Rice University and is a Chartered Financial Analyst.

Potential Positives

• The appointment of Sunit Patel as Executive Vice President and Chief Financial Officer is a strategic move that brings over 30 years of telecommunications experience to the company, enhancing its leadership team.
• Mr. Patel's background includes significant roles in leading financial operations in major telecommunications firms, which may bode well for Crown Castle’s future financial management and strategy.
• This leadership change coinciding with the divestiture of Crown Castle’s Fiber business indicates a focused strategic shift towards being the only pure-play, publicly traded tower company in the U.S., potentially improving market positioning.

Potential Negatives

• Appointment of a new CFO may indicate instability or transitions within the company's leadership, which can raise concerns among investors about ongoing strategic directions.
• The press release highlights a recent divestiture, suggesting potential challenges in maintaining financial performance and market positioning post-sale.
• Mr. Patel's departure from the Board of Directors could signal a shift in governance dynamics, possibly impacting investor confidence in the company's management structure.

FAQ

Who is the new CFO of Crown Castle?

The new CFO of Crown Castle is Sunit Patel, effective April 1, 2025.

What experience does Sunit Patel bring to Crown Castle?

Sunit Patel has over 30 years of experience in senior finance roles within telecommunications, energy, and technology sectors.

When did Sunit Patel join Crown Castle's Board of Directors?

Sunit Patel joined Crown Castle's Board of Directors in January 2024 and served until March 17, 2025.

What was Sunit Patel's previous role before joining Crown Castle?

Prior to joining Crown Castle, Sunit Patel was the Chief Financial Officer of Ibotta Inc.

What is Crown Castle's primary business focus?

Crown Castle focuses on owning, operating, and leasing cell towers and fiber infrastructure in the U.S.

Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.

$CCI Congressional Stock Trading

Members of Congress have traded $CCI stock 1 times in the past 6 months. Of those trades, 1 have been purchases and 0 have been sales.

Here’s a breakdown of recent trading of $CCI stock by members of Congress over the last 6 months:

• REPRESENTATIVE GILBERT RAY CISNEROS, JR. purchased up to $15,000 on 01/24.

To track congressional stock trading, check out Quiver Quantitative's congressional trading dashboard.

$CCI Hedge Fund Activity

We have seen 421 institutional investors add shares of $CCI stock to their portfolio, and 728 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

• CAPITAL WORLD INVESTORS removed 7,269,146 shares (-64.9%) from their portfolio in Q4 2024, for an estimated $659,747,690
• VANGUARD GROUP INC added 5,934,615 shares (+10.5%) to their portfolio in Q4 2024, for an estimated $538,625,657
• BLACKROCK, INC. added 3,837,631 shares (+9.2%) to their portfolio in Q4 2024, for an estimated $348,303,389
• WELLINGTON MANAGEMENT GROUP LLP added 3,321,249 shares (+18.9%) to their portfolio in Q4 2024, for an estimated $301,436,559
• JPMORGAN CHASE & CO removed 2,511,542 shares (-66.2%) from their portfolio in Q4 2024, for an estimated $227,947,551
• AMERIPRISE FINANCIAL INC removed 2,358,442 shares (-79.5%) from their portfolio in Q4 2024, for an estimated $214,052,195
• FMR LLC removed 2,183,566 shares (-15.3%) from their portfolio in Q4 2024, for an estimated $198,180,450

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.

$CCI Analyst Ratings

Wall Street analysts have issued reports on $CCI in the last several months. We have seen 4 firms issue buy ratings on the stock, and 0 firms issue sell ratings.

Here are some recent analyst ratings:

• JMP Securities issued a "Outperform" rating on 01/27/2025
• Barclays issued a "Overweight" rating on 01/13/2025
• Citigroup issued a "Buy" rating on 10/17/2024
• Cowen & Co. issued a "Buy" rating on 10/17/2024

To track analyst ratings and price targets for $CCI, check out Quiver Quantitative's $CCI forecast page.

$CCI Price Targets

Multiple analysts have issued price targets for $CCI recently. We have seen 3 analysts offer price targets for $CCI in the last 6 months, with a median target of $120.0.

Here are some recent targets:

• Jonathan Petersen from Jefferies set a target price of $84.0 on 01/01/2025
• Brett Feldman from Goldman Sachs set a target price of $120.0 on 10/21/2024
• Michael Rollins from Citigroup set a target price of $128.0 on 10/17/2024

Full Release

HOUSTON, March 17, 2025 (GLOBE NEWSWIRE) -- Crown Castle Inc. (NYSE: CCI) ("Crown Castle") announced today the appointment of Sunit Patel to the position of Executive Vice President and Chief Financial Officer (CFO), effective April 1, 2025. Mr. Patel will be leaving his position on Crown Castle’s Board of Directors, effective March 17, 2025.

"We look forward to welcoming Sunit Patel to the Crown Castle team,” said Steven Moskowitz, Crown Castle's Chief Executive Officer. "Sunit brings unique, extensive telecommunications industry insight and more than 30 years of experience in senior finance roles across telecommunications, energy, and technology. He is exceptionally well-suited to help lead Crown Castle as we complete our recently announced divestiture and set course as the only pure-play, publicly traded US tower company.”

About Sunit Patel



Mr. Patel served on the Crown Castle Board of Directors from January 2024 to March 2025. He previously served as Chief Financial Officer of Ibotta Inc., a North American cashback rewards and mobile technology platform. Mr. Patel has more than 25 years of executive leadership, including 15 years as a public telecommunications company CFO. In 2000, Mr. Patel co-founded Looking Glass Networks Inc., a facilities-based provider of metropolitan telecommunication transport services and served as its CFO until 2003. From 2003 to 2018, Mr. Patel served as EVP and CFO of CenturyLink, now Lumen, a role he held for over 14 years at Level 3 prior to its 2017 merger with CenturyLink. From 2018 to 2020, Mr. Patel served as EVP, Merger and Integration at T-Mobile, where he led T-Mobile's strategic planning efforts to integrate its business with Sprint following the companies' $26.5 billion merger.

Mr. Patel holds a B.S. degree in Chemical Engineering and Economics from Rice University and is a Chartered Financial Analyst.

CAUTIONARY LANGUAGE REGARDING FORWARD-LOOKING STATEMENTS



This press release contains forward-looking statements that are based on Crown Castle management's current expectations. Such statements include plans, projections and estimates regarding (1) the appointment of Mr. Patel, including the effective date thereof, and his expected contributions to Crown Castle, and (2) the recently announced divestiture of Crown Castle’s Fiber business, including the completion and timing thereof. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expected. More information about potential risk factors that could affect Crown Castle and its results is included in Crown Castle's filings with the Securities and Exchange Commission. The term "including," and any variation thereof, means "including, without limitation."

ABOUT CROWN CASTLE



Crown Castle owns, operates and leases more than 40,000 cell towers and approximately 90,000 route miles of fiber supporting small cells and fiber solutions across every major U.S. market. This nationwide portfolio of communications infrastructure connects cities and communities to essential data, technology and wireless service - bringing information, ideas and innovations to the people and businesses that need them. For more information on Crown Castle, please visit


www.crowncastle.com


.

CONTACTS


Dan Schlanger, CFO


Kris Hinson, VP & Treasurer


Crown Castle Inc.


713-570-3050

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.