After weeks of fighting for the leadership of his family-controlled telecommunications company, Edward Rogers is not giving up.
A majority of Rogers Communications Inc.’s board of directors voted to remove him as president Thursday afternoon, but later that night he fought back, announcing a plan to replace five corporate directors with elections of their own, all with a view to regaining his own. . can.
“While I am disappointed in the steps recently taken by certain directors (of Rogers) to remove me as chairman of the board, I am confident that this action will be reviewed and addressed by the newly constituted board,” he said in a statement sent Thursday by the evening.
His move comes after he tried to replace Rogers CEO Joe Natale but was rejected by the majority of the board, including his mother, Loretta, and sisters Melinda Rogers-Hixon and Martha Rogers.
The board has endorsed Natale, who is in charge of guiding the company through its $ 20 billion deal to acquire Shaw Communications Inc.There is growing concern that boardroom drama could interfere with approvals. from the government or obtain financing to pay for the acquisition.
Edward, son of the late company founder Ted Rogers, remains the chairman of the family trust that controls more than 97 percent of the company’s voting shares.
He remained in that position Thursday after hours of meetings of a 10-person advisory committee for the family trust that includes numerous members of the Rogers family, as well as Toronto Mayor John Tory. Longtime company executives loyal to Edward, Phil Lind and Alan Horn are also on the advisory committee.
Edward said in a statement that his role as chairman of the trust gives him the authority to remove and replace the directors of Rogers’ corporate board. That board controls the direction of the company, including matters such as the appointment of the CEO. He said he intends to sign and deliver a resolution to that effect to the company on Friday.
Edward Rogers said he plans to remove independent directors (that is, those who are not affiliated with the family or with management) John Clappison, David Peterson, Bonnie Brooks, Ellis Jacob and John A. MacDonald from the board. (MacDonald replaced Edward as president on Thursday.)
He’s looking to replace them with his own set of directors, presumably aligned with his own views, naming real estate executive Michael Cooper, former Brookfield CEO Jack Cockwell, longtime Rogers government relations executive Jan Innes, media executive Ivan Fecan and John Kerr.
It did not specifically indicate whether it would still seek to replace Natale as CEO.
“(Rogers) has a strong management team and I fully support working with them on our business goals, execution and return to stability,” Edward said in an emailed statement from Jonathan Lowenstein of the communications firm Navigator.
“My focus, and the focus of our company, will continue to be securing approval for the Shaw transaction. I look forward to continuing to work with Brad Shaw and the Shaw team to achieve this, “Edward said, continuing,” I am fully confident that with a renewed alignment between the Trust, the board of directors and our management team, (Rogers) is well positioned. for the future “.
The statement also contained supportive quotes from Lind and Horn, stating that they endorsed Edward’s moves with the independent directors of the board.
Representatives for the company and Melinda Rogers-Hixon, who has lined up with Loretta and Martha Rogers, were not immediately available for comment Friday morning.
Reference-www.thestar.com