Connect with us

Company News

Rogers Communications chairman discussed replacing board members

Rogers Communications Inc Chairman Edward Rogers had discussions with potential candidates to replace board members at the Canadian telecom company, the Globe and Mail reported on Monday.

Rogers told the newspaper he sees “room for improvement” in the company’s long-term performance as it awaits regulatory approval on its C$20 billion ($15.69 billion) takeover of smaller rival Shaw Communications Inc.

Reuters could not immediately reach Rogers for a comment. Rogers Communications did not immediately respond to a request for comment.

The Globe also reported earlier this month that Rogers had recently made an unsuccessful attempt to replace Joe Natale, the company’s top boss, a move that was strongly opposed by his sister and deputy chair, Melinda Rogers-Hixon.

On Sept. 29, the company announced Staffieri had stepped down from his role of finance chief, without citing a reason behind the move.

In a note from Oct. 12, analysts at BMO Capital Markets lowered their price target on Rogers’ stock by $4 to $68, following the Globe’s report.

“The awkward and abrupt departure of CFO, Tony Staffieri, on September 29th apparently reflects disagreements within the Rogers family regarding senior leadership of the company.”

The company is expected to report third-quarter results on Oct. 21. Reuters

Click to comment

You must be logged in to post a comment Login

Leave a Reply

Copyright © 2024 Communications Today

error: Content is protected !!