Rogers Communications Chief Executive Departs
October 17 2016 - 9:00AM
Dow Jones News
Canada's Rogers Communications Inc. said Monday that Guy
Laurence would step down as chief executive, effective immediately,
to be replaced by Joseph Natale, a former head of phone company
rival Telus Corp.
Toronto-based Rogers said it plans to hire Mr. Natale as chief
executive "as soon as he is in a position to join Rogers." Chairman
Alan Horn will take on the position in the interim.
Mr. Natale stepped down from the helm of Vancouver, British
Columbia-based Telus just over a year ago when that company
determined it wanted its chief executive based in western Canada
instead of Toronto.
Mr. Laurence, a telecommunication veteran, joined Rogers in
December 2013 from Vodafone Group PLC.
"We have appreciated Guy's leadership over the last three
years," Edward Rogers, Rogers' deputy chairman, said in a release.
"He has moved the company forward re-establishing growth,
introducing innovative programs…while getting the company ready for
its next phase of growth."
The management shake-up comes just weeks after Rogers, which has
businesses such as wireless, internet, cable television,
broadcasting and print publications, announced a major overhaul of
its magazine operations. Amid ongoing struggles as advertising
revenue continues to migrate to the digital space from traditional
media, Rogers moved a number of its publications to a digital-only
format, and scaled back the print frequency of most its remaining
publications.
News of Mr. Laurence's departure on Monday came alongside
third-quarter results, released three days earlier than
expected.
Rogers posted a third-quarter profit of 220 million Canadian
dollars ($167 million), or 43 Canadian cents a share, down 53% from
a year earlier. Adjusted to exclude items, it earned 83 Canadian
cents a share, which was below the 88 Canadian cents analysts were
expecting, according to FactSet.
Revenue rose 3%, it said, to C$3.49 billion. It said revenue got
a boost from stronger wireless-service revenue due to a larger
subscriber base and improved media revenue due largely to
sports-related assets.
Write to Judy McKinnon at judy.mckinnon@wsj.com
(END) Dow Jones Newswires
October 17, 2016 08:45 ET (12:45 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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