Edward Rogers named executive chair of Rogers Communications

Edward Rogers has been named executive chair of Rogers Communications Inc. Rogers was appointed to the position Wednesday, effective immediately. The company said it was a unanimous decision made at a board meeting in Calgary. The board’s lead director, Robert Gemmell, noted in a statement the announcement merely “formalizes” the work Rogers has already been doing. “This appointment simply recognizes the role Edward is performing at the company,” Gemmell said. Edward Rogers was ousted as the board’s chair in October 2021, remaining on the board as a company director, before being reinstated as chairman. The ouster occurred after Edward Rogers expressed concern that the company’s then-CEO Joe Natale was not the right person to handle the merger with Shaw Communications Inc. and discussed those concerns with his mother, sister and several other board directors. “Edward was of the view that Tony Staffieri, RCI’s chief financial officer (CFO), was his preferred choice to replace Natale as CEO/president. He indicates that all of the individuals he spoke to supported the notion of replacing Natale and, also, that Staffieri was a suitable candidate to move on as CFO and into the CEO role,” according to the court documents. “Word of these swirling issues got back to Natale. Natale’s response was to indicate that he wanted to terminate Staffieri as CFO. By September 19, 2021, when Edward did not agree to that suggestion, Natale insisted that one of them – either him or Staffieri – would have to go.” According to the documents, Natale was all set to leave, with a severance package of approximately $200 million. Before a board meeting later that month, things “took an unexpected turn” with the majority of the board reversing their decision, according to the court documents. By Sept. 29 that year, Stafferi was terminated as CFO, and by Oct. 19, 2021, Edward Rogers was demoted as chair. Edward Rogers then initiated proceedings to remake the board of directors and reinstall himself as chair, using his position as chair of the Rogers Control Trust. That resulted in two separate boards claiming authority over the company with Edward Rogers on one side and his two sisters on the other. Eventually, a B.C. Supreme Court decision confirmed Edward Rogers’ board restructuring was legitimate. Natale was then dismissed in November 2021 and Staffieri officially took his place as CEO in early 2022. Natale later sued the company for alleged wrongful dismissal. Rogers responded by countersuing. “I have appreciated the support and advice of Edward over the last several years and look forward to his continued engagement and support on the terrific opportunities that lie ahead for Rogers,” said Rogers CEO Tony Staffieri in the press release Wednesday. “The past 10 quarters of industry-leading growth have demonstrated the strength of Tony’s leadership," Edward Rogers said. "Working with the board and Tony, I look forward to continuing to support the long-term success of Rogers.” In its second quarter results released late last month, the company reported a one per cent rise in revenue to $5.09 billion, and a steep 261 per cent rise in profit to $394 million from $109 million the year prior. The staggering jump was mainly due to the impact of significant transaction fees and other costs the company had incurred in the same quarter last year during its acquisition of Shaw. While its cable segment struggled, its wireless and media divisions saw growth. Overall adjusted EBITDA grew by six per cent to almost $2.33 billion, up from $2.19 billion year-over-year. - Reporting by Hannah Daley at hdaley@thewirereport.ca with files from Phalen Tynes-MacDonald at pcreed@thewirereport.ca and Jenna Cocullo

Edward Rogers named executive chair of Rogers Communications

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By Hannah Daley
| August 15, 2024

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Edward Rogers named executive chair of Rogers Communications

News | By Hannah Daley | August 15, 2024

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By Hannah Daley
| August 15, 2024