Christian Hillabrant
About Christian Hillabrant
Christian H. Hillabrant, age 59, was appointed President and CEO of Crown Castle (CCI), effective September 15, 2025, and is expected to join the Board at that time . He brings 30+ years in digital infrastructure and telecom, including CEO & Chairman of the Management Board at Vantage Towers AG (86,000+ sites across 10 countries) and prior operating leadership at Tillman Infrastructure, Ericsson, Samsung, and T-Mobile . CCI’s press release highlights his track record of performance improvement, portfolio growth, and cost reduction; formal TSR, revenue, and EBITDA performance during his CCI tenure is not yet disclosed given his recent start .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Vantage Towers AG | CEO & Chairman of the Management Board | 2023–2025 | Led comprehensive transformation, operational improvements, and value creation across 86,000+ sites in 10 countries |
| Tillman Infrastructure, LLC | Chief Operating Officer | 2019–2023 | Drove transformational growth, expanded portfolio, strengthened tower cash flow, reduced operating expenses |
| Samsung Electronics America, Inc. | General Manager for AT&T and Verizon accounts | Not disclosed | Led key carrier accounts in mobile technologies; enterprise/network systems exposure |
| Ericsson | COO for North American and European businesses | Not disclosed | Operational leadership across NA and Europe; served on Supervisory Board of Ericsson Telecommunications GmbH |
| T-Mobile USA | Regional Vice President | Not disclosed | Senior operating leadership in U.S. wireless |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Vantage Towers AG | Chairman of the Management Board | 2023–2025 | Oversaw transformation and operational improvements; value creation |
| Ericsson Telecommunications GmbH | Supervisory Board Member | Not disclosed | Governance oversight for regional operations |
Fixed Compensation
| Component | 2025 Values/Terms | Notes |
|---|---|---|
| Base Salary | $1,000,000 | Pro-rated from Effective Date (Sept 15, 2025) through year-end |
| Target Annual Incentive (STI) | 200% of base salary (pro-rated for 2025) | Under CCI’s 2025 EMT Annual Incentive Plan; metrics not specified in 8-K |
| Make-Whole Cash Bonus | $800,000 | Paid within 30 days post start; subject to recoupment if voluntary quit (other than Good Reason) or Termination for Cause within 12 months |
| Relocation Benefits | Eligible per company policy | In accordance with relocation policy |
Performance Compensation
| Award | Grant Value | Type | Weighting | Vesting | Performance Metrics | Payout |
|---|---|---|---|---|---|---|
| 2025 Annual RSUs | ~$5,250,000 | Mix of time-based RSUs and performance RSUs | 40% time-based; 60% performance RSUs | Time-based: one-third on each of 1st, 2nd, 3rd anniversaries of start; Performance RSUs vest Feb 19, 2028 | Not disclosed for 2025 PSUs in 8-K | Not disclosed |
| 2026 Expected Target Annual RSUs | ~$10,500,000 | To be granted as annual RSUs | Not disclosed | Not disclosed | Not disclosed | Not disclosed |
| Make-Whole RSUs | ~$7,000,000 | Time-based RSUs | 100% time-based | One-third annually on the 1st, 2nd, 3rd anniversaries of start | N/A | N/A |
CCI historical PSU framework (for context; not specific to Hillabrant’s 2025 award unless later confirmed): PSUs vest based on relative TSR vs S&P 500 (target at 55th percentile) and absolute annualized TSR hurdles (target at 11.5%), with payout from 0–150% via interpolation; three-year performance periods with vesting on or around Feb 19 of the fourth year .
Equity Ownership & Alignment
| Policy/Item | Detail | Applicability to Hillabrant |
|---|---|---|
| Stock Ownership Guidelines | CEO: 6x base salary; EVP and other NEOs: generally 3x; five years to reach level; incremental time for salary increases | As CEO, he is expected to meet 6x salary over five years; timing starts from appointment |
| Retention Guidelines | If below ownership level, retain all “after-tax shares” from company equity awards until compliant | Applies until ownership threshold achieved |
| Anti-Hedging Policy | Prohibits short sales and trading in derivatives on CCI securities (hedging) | Applies to all directors and executive officers |
| Pledging | Not specifically disclosed in retrieved filings | Not disclosed |
| Beneficial Ownership | Not yet disclosed for Hillabrant due to recent start | Not disclosed |
Employment Terms
| Term | Key Economics/Terms |
|---|---|
| Start/Board | Appointed President & CEO effective Sept 15, 2025; expected to join Board at that time |
| Severance (Non-CIC) | If terminated without Cause or resigns for Good Reason (not in connection with Change in Control): severance equal to 2x base salary + Annual Bonus; 2 years of specified benefits; make-whole RSUs continue vesting for remainder of period; death/disability also continue make-whole RSU vesting |
| Special Non-Qualifying Termination | After ≥5 years of service and 180 days’ notice: service condition deemed satisfied on awards granted ≥6 months prior; RSUs (incl. performance RSUs) continue to vest based on actual performance; prior-year annual bonus paid if bonuses are paid to other execs; full 401(k) participation for the calendar year of termination |
| Non-Compete | 1-year post-termination prohibition on owning/leasing/developing/designing/operating/constructing fiber optic networks or communications towers/DAS/small cells in the U.S. or any country where CCI operates |
| CIC Terms | Severance Agreement substantially similar to proxy’s “Potential Payments Upon Termination—Severance Agreements” (pp. 63–64), subject to disclosed exceptions above; full CIC multiple terms not detailed in 8-K |
| Clawback/Excise Tax | Company has a recoupment (clawback) policy; policy not to enter agreements providing for excise tax gross-up payments |
| Related Party/Familial | No arrangements in selection; no family relationships; no Item 404 related party transactions |
Board Governance
- Board service: Hillabrant is expected to be appointed to the Board; as CEO, he would serve as a management director and would not be eligible for non-employee director retainers/equity .
- Chair/independence: CCI separates CEO and independent Board Chair roles; 100% of director nominees are independent; Board holds regular executive sessions of non-management directors and at least one annual independent-only session .
- Committees: Standing Committees include Audit, Compensation & Human Capital (CHC), Nominating/ESG (NESG), Finance; plus Fiber Review and CEO Search. Committee membership for Hillabrant is not disclosed; committees are generally composed of independent directors .
- Attendance/frequency: Board held 22 meetings in 2024; each incumbent director attended ≥75% of Board and committee meetings .
Compensation Committee Analysis and Shareholder Feedback
- CHC Committee role and process: Oversees executive pay philosophy, designs incentive plans, and retains independent consultant FW Cook; targets total direct compensation around market 50th percentile; focuses on variable “at risk” pay tied to financial goals and TSR .
- Say-on-Pay: 2024 approval ~95%; five-year average 96% support .
Risk Indicators & Red Flags
- Related party transactions: none involving Hillabrant .
- Anti-hedging: in place (reduces misalignment risk) .
- Clawback policy: in place for restatements/misconduct .
- Tax gross-ups: policy against excise tax gross-up agreements .
- Non-compete: broad 1-year scope post-termination; retention positive but potential mobility constraint .
Investment Implications
- Alignment: Heavy equity orientation with 60% of 2025 Annual RSU value in PSUs and CEO-level ownership requirements (6x salary) support pay-for-performance and long-term alignment .
- Near-term selling pressure: Time-based awards vest one-third annually on Hillabrant’s start-date anniversaries; potential trading activity around those dates and PSU vest date (Feb 19, 2028), contingent on 10b5‑1 plans and policy constraints .
- Retention: Non-CIC severance at 2x salary+bonus and continued vesting of make‑whole RSUs reduce near-term attrition risk; special non-qualifying termination after 5 years allows continued vesting, which may influence long-term retention calculus .
- Execution upside: Operator with deep towers/fiber background and prior transformation success; aligned with CCI’s pivot to pure-play U.S. towers and planned sale of small cells/fiber solutions expected to close 1H26, potentially unlocking value if executed efficiently .
- Governance: Separate independent Chair and independent committees mitigate dual-role concerns as CEO-director; strong historical Say-on-Pay support lowers compensation controversy risk .
Note: Specific PSU metrics/weightings for Hillabrant’s 2025 grant were not disclosed in the 8-K. Historical PSU structures rely on relative TSR vs S&P 500 and absolute TSR hurdles over three years; confirmation for 2025 will occur in subsequent filings .