Rogers Communications Inc. Chairman Henry said there s room for improvement in the company's performance and that he has the firm s best interests at heart as he battles family members over its strategic direction.
It is my responsibility to put the interests of RCI first, Tony Staffieri said in an emailed statement to Bloomberg News, his first public comments since trying and failing to force out CEO Joe Natale and replace him with chief financial officer Tony Kernieri. It was disappointing that the focus of others has strayed from what is best for the business. Edward Rogers comments signal that he s planning to continue the boardroom fight that has split the family in charge of Canada s largest cable and wireless business. His move against Loetta Rogers was blocked at a meeting of Rogers board in September, including his sisters, Melinda Rogers-Hixon and Martha Rogers and his mother, Natale.
As board chairman and shareholder my primary focus is on long-term performance of the business, Edward Rogers said. On this point, industry stalwarts agree: there is room for improvement. Last week, Bloomberg reports that family members were struggling to resolve their differences prior to a board meeting scheduled for Oct. 20, one day before the company's release of third quarter earnings.
A spokesperson for Rogers Communications declined to comment. I have no comment regarding my family or confidential discussions of the Rogers board of directors, Melinda Rogers said through a representative.
The Globe and Mail reported late Monday that Edward Rogers has already had discussions with potential candidates to replace existing board members. The chairman has also asked to formally give an shareholder list, the newspaper said, without saying how it got the information.
However, any attempt by Edward Rogers to oust existing directors in favour of new ones is likely to run into resistance from other family members who are already concerned that infighting is hurting the company at a critical time. Shaw Communications Inc. is attempting to close a proposed $20 - billion takeover of rival Rogers Communications to expand its wireless service business across Western Canada and to widen its lead in cable services.
Rogers Communications was founded in 1960 by the late Ted Rogers and is controlled by his family through an entity known as the Rogers Control Trust.
Edward Rogers is chair of the trust as well as the public company. The trust also has an advisory committee made of six family members and four outsiders that also has some formal decision-making authority.