Just wondering how Elliott Management, The Crown Board, and the “wonderful” new CEO justify the layoffs?

While I know that businesses must always adapt to an ever changing market I just wonder how Crown hopes to change the business model that the C level employees sc--wed up by getting rid of our former CEO and the people in the field who do all of the hard work.

I do agree with the removal of the former CEO but why not remove the rest of the C level management who advised JB?

This company is so top heavy that it is a joke. VP’s reporting to other VP’s with no direct reports.A VP’ getting promoted to SVP’ a week before they announce layoffs. How about getting rid of the executive id--ts who make these decisions. Change has to start from the top down.

You started with the CEO but left the rest of the C level executives in place. How does that make any sense? They are the ones who made and continue to make the decisions that destroyed the company.

Getting rid of some field employees and a few District Managers is not going to change the irresponsible behavior that got Crown into this mess. The people who were laid off are not the people who were irresponsible in the way that they managed the financial aspect of the company, all of these poor financial practices came from the top down.

People like to brag about the dividend that Crown pays compared to other REIT’s but you never hear them mention the over 60% decline in shareholder value. If you are going to make irresponsible statements about the dividend then tell the whole story about the value of the company. I am not aware of any other REIT that lost so much of its value.

I truly wish that the SEC would look into Crown’s books, accounting practices, and misleading reporting on financial statements. I am sure that would clear out the C level personnel responsible for the state of the business.

Plenty of other companies are very successful in the Fiber and Small Cell business. Irresponsible business practices such as putting millions at risk for potential projects and fiber builds that cost more money than the build would ever generate are the only reasons why Crown is failing in those two areas of the business. Yes, higher interest rates hurt Crown but they hurt all of the other companies that compete with Crown just as bad and they are not laying people off. That should say something about upper management at Crown.

Crown decided to spend a fortune leasing and building out new offices right after COVID. Three years later they are closing a bunch of those offices. More financial mismanagement, decisions that were made at the highest levels. Crown executives wanted to micromanage their employees so they built all of these offices so people could “collaborate”. These offices were never more than half full and employees were able to “collaborate” just fine during COVID. Not to mention the fact that a great deal of this collaboration took place on Teams because the employees on some of these teams were in different states. The Crown executives are the ones that need to be micromanaged.

Just my thoughts on the destruction of this company and the people responsible for it.

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This wreaks of MCI Worldcom all over again...

People Matter - what a joke if you ask me

I think the earnings call will be interesting.

For the person who wrote “nothing is sc--wed up” can you explain how nothing is sc--wed up but the value of the company is less than half of what it was at its all time high? I know that the $212 price was not sustainable but that even coupled with higher interest rates does not account for the decrease in value.

If nothing is sc--wed up can you please explain why Crown has not billed many of their customers from acquisitions for a few years? Is Crown a charity or a business?

How do you explain the fact that Crown’s fiber records are so bad that they do not even know where some of their assets are?

If you could also explain the exorbitant spending on new offices only to close them a few years later?

Can you explain the cutback in the RAPID project with many machines that never saw a day’s usage?

I could go on but if loosing money and irresponsible spending is part of any strategy how would you ever call that good management?

@3avo+1tpWaR63

The savior of the crown stock

Folks that are wondering who is Digital Bridge here’s an article from May 2024. Enjoy.

https://www.lightreading.com/fttx/digitalbridge-could-be-eying-crown-castle-s-fiber-biz

@3apd+1tpWaR63

Absolutely. This has been part of the strategic plan from the beginning. The cancellation of the Houston, TX move doesn’t mean everything is smooth sailing. The leadership anticipated that not everyone would relocate, making it easier to downsize without labeling it as a layoff. Last month’s events were premeditated. I foresee additional cost-saving initiatives on the horizon, which could impact more offices, employees, or even entire business units. The CEO is prioritizing the company’s financial health and shareholder value, not necessarily the well-being of the employees. Let’s remember the Human Resources department is called Business Support, it’s what’s best for the Business and not essentially the Humans that work at Crown. So, prioritize your own career growth. Keep working diligently and enhancing your resume. It might benefit Crown, or it might not, but you’ll be supporting your own career and your colleagues in the process.

Nothing is sc--wed up. We are executing the strategy exactly as it was designed. From your seat you just don’t know enough to understand it.

What do you mean? You're cutting costs on Fiber to make it as appealing to DigitalBridge as possible

Something tells me that the person who posted this is glad that they are not on your team.

Give it another few weeks and the way Crown is going you will probably not have a team or a job.

Someone speaks their mind on how Crown went downhill and the statement in that post are true and can easily be proven. Don’t you realize that the way they mismanaged the company will also put your job in jeopardy.

When they did the last RIF that mostly affected the tower people and they said they needed to cut overhead because towers was not profitable. What has changed in the past few years that all of a sudden turned towers into the future of Crown? Maybe they will try and sue another customer with a frivolous lawsuit and loose that customer as well.

The decisions made over the past few years obviously destroyed the company. Morale is at an all time low and while I was not part of the RIF I am planning on getting out of there ASAP.

CL bought a project over that Google did not want due to numerous issues with RAPID and CL went out and purchased a bunch of machines (most that are just collecting dust) and now they are cutting the program down. That was a brilliant idea to waste all of that money. Google realized that it would not work and were smart enough to cut their losses so what makes Crown think that they can revamp it and make money with it. It is only good for rural areas. Put that in the streets in a major city and the fiber will be destroyed by other utilities not expecting to find fiber an inch below grade.

JB was irresponsible by letting CL move on with that project and CL was financially irresponsible for spending all of that money. That is one of many reasons why people are being laid off.

Purple Park is another joke. Aside from RAPID I do not know of any innovations that came out of there.

Why did Crown get rid of the B3 values, could it be because our executive management could not live up to them?

I could go on with the multiple mistakes that Crown made and nobody was terminated for all of those mistakes. Most other companies would not have got into the financial mess that Crown is in due to obvious and numerous mistakes that cost them 10’s of millions of dollars and they have nothing to show for it. Instead of cutting their losses Crown just continues to fund these projects hoping that something will work.

Good luck to all of those who were not part of this RIF. I know that it is only a matter of time before they announce the next RIF. I am trying as hard as I can to get out of there before the next round. The morale is probably at it’s lowest and the uncertainty is extremely high and stressful.

Read the first sentence of each paragraph. Glad you aren't on my team.

The CFO is to blame. Crown is highly leverage just look at its debt to equity ratio.. When the new CEO says we have a strong balance sheet I'm not sure what balance sheet he's looking at. When your spending like a sailor on shore leave and paying out $6 plus per share in divs and only earning $3 somethings wrong.

Thread regarding Crown Castle International Corp. layoffs

Just wondering how Elliott Management, The Crown Board, and the “wonderful” new CEO justify the layoffs?

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