Former Rogers CEO Joe Natale Departs with $14.1 Million ‘Golden Parachute’
Former Rogers Communications Inc. (RCI) CEO Joe Natale received $14,106,613 in severance after he was dismissed by the telecom giant last year, according to an information circular issued by the company on Monday ahead of its annual meeting in April — reports BNN Bloomberg.
Mr. Natale was replaced with the company’s ex-CFO, Tony Staffieri, in November 2021 after a drawn-out and public boardroom battle against Edward Rogers, chairman of RCI’s board and son of company founder Ted Rogers. Mr. Rogers ultimately went to court for control of Canada’s largest telecom and won.
Mr. Rogers had wanted to swap Mr. Staffieri into the CEO role for quite some time prior to Mr. Natale’s decision. According to a report from October 2021, Mr. Rogers had at one time proposed a $51 million severance package for Mr. Natale.
Mr. Natale’s severance package accounted for a little over half of the ex-CEO’s total compensation last year, which was $27,380,319, according to the same circular.
RCI originally brought Mr. Natale over from rival telco Telus Corp. in 2017. At the time of his appointment, then-deputy chairman Edward Rogers said the company was “thrilled to have a person of his calibre and experience lead Rogers.”
Here is a breakdown of Mr. Natale’s severance package, as disclosed by the circular:
- Two years of base salary ($2,705,300) in a lump sum
- Bonus at target ($2,705,300)
- Executive allowance ($200,000)
- Insurance benefit ($38,500)
- Outstanding vacation ($125,901)
- Deferred share units ($530,891) that vested immediately when he was replaced
- Stock options ($739,967)
- Performance Restricted Share Units for 2019 ($2,971,040) vesting over a 24-month period
- Performance Restricted Share Units for 2020 ($4,089,714) vesting over a 24-month period
- 24 months of benefits, pending re-employment