Rogers Communications announced CEO Joe Natale would be leaving his position to be replaced on interim basis by the company’s former CFO Tony Staffieri, following a boardroom spat for control instigated by chairman Edward Rogers.
In a statement, the chairman thanked Natale for his time at the company and said it had an experienced interim CEO and leadership team in place which would focus on returning to stability, and closing a $21 billion acquisition of rival Shaw Communications.
The company stated it had begun a search for a permanent CEO, with Staffieri a candidate.
The Toronto Star reported Natale’s exit came after a boardroom dispute which saw the Rogers family go to court in a major power struggle.
Chairman Edward Rogers took legal action after being ousted from his role by other family members following an attempt to promote Staffieri in September.
Rogers used his position as chair of the family trust which controls 97.5 per cent of the company’s voting shares to initiate the court battle, seeking to be reinstated as head of the operator’s board which he sought to replace.
Despite backing Natale following the favourable court ruling, Rogers has now followed through with replacing the executive due to concerns about his performance, Toronto Star reported.
In a separate statement, Rogers’ mother and sisters expressed disappointment at Natale’s removal, explaining they had voted against “this misguided decision, which creates great uncertainty” for the company and the Shaw Communications deal.
Rogers Communications and its takeover target are due to meet Canada’s telecoms regulator to discuss the terms next week.Subscribe to our daily newsletter Back