Thunder Bay – Business – It is a boardroom battle often being waged with duelling press releases.
The massive Rogers empire is seeing a real-life family feud as members of the family battle over who is in control of the company.
Edward Rogers, who is the only son of the late Ted Rogers who founded the company is chair of the family trust that controls Canada’s largest wireless carrier, was removed as chair of the corporate board last week after a power struggle that included a failed attempt to oust Joe Natale, the former Telus Corp. executive he recruited as chief executive in 2017.
The ouster was at the hands of Martha Rogers, the daughter of Ted Rogers.
Martha Rogers has taken to Twitter on this matter.
Ed will lose. His play date tonight with the Old Guard is another waste of time. Rogers & its assets are bigger than any one interest. My father understood that. He’d be so disappointed to see how Ed & his puppet masters are behaving destroying the company he built. #OldGuardDown
— Martha Rogers (@MarthaLRogers) October 24, 2021
In response, Mr. Rogers said he availed himself of his leadership position with the Rogers Control Trust to replace the five independent Rogers corporate directors who voted to remove him via a written resolution the following day.
This morning, Rogers Communications Inc. (“Rogers” or the “Company”) announced that the Supreme Court of British Columbia will hold a hearing on November 1, 2021 to hear submissions by the Company and the Rogers Control Trust regarding the legality of Edward Rogers’ attempt last week to replace five of the Company’s independent directors with nominees of the Rogers Control Trust through a written resolution, without convening a meeting of shareholders. As previously announced, the Company has determined the resolution is invalid. The Company welcomes the opportunity for the Court to consider the importance to shareholders and all stakeholders of conducting a shareholders meeting to change the Board of Directors.
A statement on behalf of Loretta Rogers, Melinda Rogers-Hixon, Martha Rogers, John A. MacDonald, John Clappison, David Peterson, Bonnie Brooks, and Ellis Jacob:
“We unequivocally support Joe Natale as CEO and support his management team. We along with the Management continue to work tirelessly on behalf of all stakeholders including customers, employees, and shareholders. We remain as duly elected members of the Rogers Communications Inc. Board and represent the majority of the Board members of the company. No other group of individuals has any authority to purport to act as the Board of Directors of Rogers Communications Inc.”
Through the past week, Rogers has been issuing a number of press releases outlining the decisions made at the Board of Director’s meeting.
CEO Joe Natale says, “Rogers Communications is responding to last night’s announcement by the Company’s former Chairman Edward Rogers that he intends to remove the majority of the independent directors of Rogers Communications Inc. and replace them with nominees of the Rogers Control Trust through a written resolution without convening a meeting of shareholders. The Company is not aware of this mechanism ever having been utilized in respect of a public company in Canada.
“Directors of public companies are invariably removed at meetings of shareholders that are convened after proper notice and disclosure has been provided to all shareholders, and they have had an opportunity to consider the information and make an informed decision. This process generally takes several months or happens at the company’s annual meeting. The Company is concerned that its controlling shareholder, the Rogers Control Trust, would seek to make such a fundamental change to the Company’s independent governance framework in this unprecedented manner.
“At this time, the Company has not received any documentation or resolution from Mr. Rogers or the Rogers Control Trust with respect to this matter. If and when received, the Company will consult with its counsel regarding the legality of this course of action.
“The Company’s CEO, Joe Natale, and management team remain steadfast in their commitment to driving the performance of the business and executing on the proposed merger with Shaw.”
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