More details are emerging about the apparent internal strife over at Rogers Communications Inc., at the executive level.
In late September, veteran chief financial officer (CFO) Tony Staffieri suddenly departed Rogers. According to a report from The Globe and Mail, Staffieri apparently left as there was a power struggle between Rogers chairman Edward Rogers and CEO Joe Natale.
Unnamed sources said the chairman wanted to replace Natale with Staffieri, after the former tried to hire a new CFO to replace the latter. Chairman Rogers then called an emergency board meeting on September 26 to try to remove Natale instead, but Rogers family members on the board opposed the plan.
Now, BNN Bloomberg has some more apparent details on the situation over at Rogers, according to unnamed sources.
Chairman Rogers had a plan that would see up to 9 out of 11 executives removed from the company. This plan was blocked by family members on the board, the chairman’s sister Melinda Rogers-Hixon and Martha Rogers, and his mother Loretta Rogers.
“Now the family is trying to resolve the dispute before a board meeting that’s scheduled to take place prior to the company’s third-quarter results on Oct. 21, according to people familiar with the matter,” reports BNN Bloomberg.
Rogers CEO Natale and chairman Rogers were set to meet on Wednesday, say sources. Board members are also said to be preparing to meet next week, to possibly come up with measures to limit the powers of Edward Rogers.
The telecom is seeking to close a $16 billion USD takeover of Shaw, which is currently being reviewed by Canadian regulators.