In a move surprising absolutely no one at this point, Rogers Communications (TSX: RCI.B) late last night announced that it is in the process of transitioning the role of chief executive officer. Joe Natale, former CEO of the company, reportedly “left his role as President and CEO” effective yesterday.
The move no doubt is related to the recent drama that unfolded at the company, which is believed to largely be in connection with the desire of Edward Rogers, Chairman of the company, to replace Natale with former CFO Tony Staffieri. Ed’s efforts to replace Natale were previously squashed by other members of the board.
Further providing little surprise to shareholders of the company, Tony Staffieri has been named as interim CEO of the company before a permanent replacement is named. Staffieri previously left the role of chief financial officer of the company at the end of September, a role which he had held for nine years.
The company now is reportedly looking for a permanent replacement for the role, a position for which Staffieri is said to be a candidate. The firm also commented that it is now focused on closing the transaction related to the acquisition of Shaw Communications by Rogers.
Rogers Communications Class B Shares last traded at $48.11 on the NYSE.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
