After the board of Rogers Communications voted to remove him as chair of the prominent telco, Edward Rogers said he’s using his continuing position at the head of the family-dominated Rogers Control Trust to replace disloyal directors with five of his choosing. The company replied that it’s “concerned” that the trust “would seek to make such a fundamental change to the company’s independent-governance framework in this unprecedented manner.” (The Logic)
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After the board of Rogers Communications voted to remove him as chair of the prominent telco, Edward Rogers said he’s using his continuing position at the head of the family-dominated Rogers Control Trust to replace disloyal directors with five of his choosing. The company replied that it’s “concerned” that the trust “would seek to make such a fundamental change to the company’s independent-governance framework in this unprecedented manner.” (The Logic)
Talking point: Edward Rogers was turfed late Thursday in what appeared to be the culmination of a failed boardroom coup against CEO Joe Natale. But Rogers Communications’ share structure, which puts controlling interest in the hands of the trust set up by Ed Rogers’s father, company founder Ted, gives him another card to play; he asserted the trust, under his command, can make swift changes to the telco board practically at will. Among the directors Ed Rogers aims to purge: two of the three are members of a committee set up to supervise his relations with Natale, but not the third, his sister.
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