The telco giant’s CEO Joe Natale told investors on a conference call that he has “strong, unequivocal support” to direct the company and finish the acquisition of former rival Shaw Communications, following an attempted boardroom coup led by chair Edward Rogers, the son of founder Ted Rogers. (The Logic)
Talking point: Thursday began with meh results: Rogers reported net income of $490 million in its third quarter, down slightly from $512 million in the same period last year, and said the board had named a three-member committee to “advise and assist” Natale and Edward Rogers and “establish clear protocols for interactions between the chair and members of management.” Then the “Succession” plotlines really kicked in. That committee included Edward Rogers’s sister Melinda Rogers-Hixon, who’s deputy chair, and directors John Clappison and John MacDonald, both of whom Bloomberg swiftly reported Edward Rogers wanted to replace in a board purge (after the effort to unseat Natale was allegedly scuppered by a pocket-dial). By the end of the day, The Globe and Mail and Bloomberg reported Rogers himself was out as chair and MacDonald installed in his place. The company stock closed down 1.75 per cent to $60.19 Thursday.