Rogers boardroom feud: CEO says he has board’s ‘unequivocal support’

The chief executive of Rogers Communications Inc. says he has “strong unequivocal support” from the board of directors as the telecom company’s boardroom feud emerged during a quarterly earnings call.

Joe Natale says he has the board’s full support to continue directing the strategy of the company and driving its key operational initiatives.

The president and CEO says the company’s executive team remains focused on running the business and driving performance as well as landing the Shaw Communications Inc. transaction.

Rogers has been entangled in a high-profile board room struggle in recent weeks, according to media reports, in the midst of its planned $26-billion Shaw acquisition.

The Rogers board will launch a comprehensive corporate governance review “to establish clear protocols for interactions between the chair and members of management.”

Rogers reported a third-quarter profit on Thursday of $490 million, down from $512 million in the same quarter last year, as its revenue held steady.

The cable TV and wireless company says the profit amounted to 94 cents per diluted share for the quarter ended Sept. 30, down from $1.01 per diluted share a year ago.

Revenue totalled $3.67 billion, identical to the same quarter last year, as higher service revenue in its wireless and cable businesses were offset by lower media and wireless equipment revenue.

On an adjusted basis, Rogers says it earned $1.03 per diluted share, down from an adjusted profit of $1.08 per diluted share a year ago.

Analysts on average had expected an adjusted profit of $1.02 per share, according to financial markets data firm Refinitiv.

Rogers announced a deal earlier this year to buy Shaw Communications Inc. in a transaction valued at about $26 billion, including the assumption of $6 billion of Shaw debt.

by The Canadian Press