Crown Castle’s stock climbs after activist investor calls for leadership change given ‘breathtaking’ underperformance

Shares of Crown Castle Inc. CCI climbed 5.7% toward a four-month high in premarket trading Monday, after activist investor Elliott Investment Management LP called for “significant changes,” including new executive and board leadership and a review of its fiber business. Elliott said the funds it manages have invested about $2 billion in the real estate investment trust, focused on wireless infrastructure. “The company’s strategy, led by [Chief Executive] Jay Brown since 2016, has been a failure, as demonstrated by the breathtaking magnitude of its underperformance,” Elliott wrote in a letter to the company’s board. “During…