Crown Castle gives in to Elliott's demands with fiber unit review, board changes

FILE PHOTO: A splice can that contains 432 fiber cables is pictured in Oldham county, Louisville, Kentucky, U.S., April 19, 2021. REUTERS/Amira Karaoud/File Photo

(Reuters) - Crown Castle on Wednesday announced a review of its fiber business and replaced two directors on its board as part of a deal with activist investor Elliott, which has sought to shake up the wireless tower operator for years of underperformance.

The company has also formed two committees under the deal – one for the Fiber unit review and another to search for its next CEO. Its former top boss Jay Brown resigned earlier this month, days after Elliott called for an executive change.