Rogers Communications, the giant telecommunications and media company based in Toronto, has parted ways with its President and CEO Joe Natale, according to a statement released by the company.
Tony Staffieri, Executive Vice President and CFO, has been named interim CEO. He had been at Rogers since February, 2016.
Natale stepped into the role of CEO in early 2018 and led the expansion of the company’s wireless and internet/cloud services over the past year.
“On behalf of the board of directors, I would like to thank Joe for his leadership over the past year,” said a statement from the chairman of the board. “His vision and leadership has led to the acceleration of the company’s transformation strategy as evidenced by our record results this year. While we wish Joe all the best in his future endeavors, we are confident that Rogers has the right leadership team in place to continue to drive innovation and to create long-term value for our shareholders.”
The company added that no decision has been made on a permanent replacement for Natale, but Rogers did give an indication of the company’s financial performance.
In its second quarter earnings released on Wednesday, Rogers said it’s revenues jumped 26 percent to $4.4 billion.
The company also said its adjusted earnings before interest, taxes, depreciation and amortization increased 34 percent to $1.09 billion.
Rogers has 6.6 million wireless subscribers in Canada, giving it around 30 percent of the country’s wireless market.
It also owns the Citytv TV network in Canada, the City radio network, True North Sports and Entertainment, the Toronto Blue Jays and Red Sox.
Boston’s Fox affiliate reported on Natale’s exit stating he will take another job with the National Basketball Association.
Narrowed down from some major candidates including Brian Porter, CEO of Canadian Imperial Bank of Commerce and Tim Daley, CEO of Videotron —
— the board chose Staffieri instead of Woods, meaning the bank manager beat out Videotron boss Tim Daley. The board chose him over iPolitics reporter Adam Radwanski, according to several reports.
Rogers needs someone to pick up the company on July 26.
Natale worked at CTV for 13 years, from 1994-2004.
Tana Goertz contributed to this report.
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