Telus President and CEO Darren Entwistle recently purchased 150,400 additional common shares of the company, increasing his total holdings to 556,904 Telus common shares, announced the company on Monday.
Based on Entwistle’s share purchase date of March 13, 2023, at a price of around $26.57 each, it works out to $3,996,128 spent on Telus shares. The Telus CEO now holds 556,904 Telus common shares.
Entwistle’s significant investment in Telus shares showcases his ongoing confidence in the company’s strategy and global growth profile, noted the company. Telus continues to maintain strong operating momentum across its telecom business, supported by Telus International, Telus Health, and Telus Agriculture & Consumer Goods.
This investment aligns with Entwistle’s previous practices, emphasizing his commitment to the company’s 1.2 million shareholders, including many Canadians who depend on their Telus investments for retirement income.
In a display of faith in Telus’ financial and operational health, Entwistle had taken his salary in shares for six consecutive years from 2009 through 2015. After announcing positive fourth-quarter financial results in February (profits were down 60%), Entwistle highlighted Telus’ strong targeted revenue and EBITDA growth, as well as robust free cash flow growth, which is expected to reach approximately $2.0 billion in 2023.
Entwistle said, “These results will support the company’s value creation, balance sheet strength, and the continued progression of our leading multi-year dividend growth program, now in its thirteenth year, and extended last year through to the end of 2025.”
Since 2004, Telus says it has yielded $18 billion in dividends and $16 per share overall, reflecting the company’s strong performance and commitment to shareholder value.
The news comes after Telus recently signed a new deal with 6,500 unionized employees.
