Rogers CEO Takes Board Quarrel, Says He Has ‘Strong Clear Support’ From Board – .

Rogers CEO Takes Board Quarrel, Says He Has ‘Strong Clear Support’ From Board – .

TORONTO – The CEO of Rogers Communications Inc. said he had “strong unequivocal support” from the board of directors as the boardroom feud at the telecommunications company broke during a quarterly earnings conference call.

Joe Natale says he has the full support of the Board of Directors to continue to lead the company’s strategy and drive its key operational initiatives.

The President and CEO said the company’s management team remains focused on running the business and performance, as well as completing the Shaw Communications Inc transaction.

Rogers has been embroiled in a high-profile board fight in recent weeks, according to media reports, amid its planned $ 26 billion acquisition of Shaw.

Rogers’ board of directors will launch a comprehensive corporate governance review “to establish clear protocols for interactions between the president and members of management.”

Rogers reported third-quarter profit of $ 490 million on Thursday, up from $ 512 million in the same quarter last year, as revenues were flat.

The cable and wireless television company said earnings were 94 cents per diluted share for the quarter ended September 30, down from $ 1.01 per diluted share a year ago.

Revenues totaled $ 3.67 billion, unchanged from the same quarter last year, as higher service revenues in its wireless and cable businesses were offset by lower revenues from media and cable. wireless equipment.

On an adjusted basis, Rogers says it earned $ 1.03 per diluted share, down from adjusted earnings of $ 1.08 per diluted share a year ago.

Analysts on average expected adjusted earnings of $ 1.02 per share, according to financial market data firm Refinitiv.

Rogers announced earlier this year an agreement to buy Shaw Communications Inc. in a deal valued at around $ 26 billion, including assuming Shaw’s $ 6 billion debt.

This report by The Canadian Press was first published on October 21, 2021.

Companies in this story: (TSX: RCI.B, TSX: SJR.B)


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