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The dispute began after company Chairman Edward Rogers, the only son of the company’s late founder Ted Rogers, attempted to drop Joe Natale as CEO in September last year, saying he had lost confidence in Natale’s ability to lead the company through the C$20 billion ($15.81 billion) acquisition deal of smaller rival Shaw Communications (NYSE:SJR) Inc and replace him with Staffieri.
However, Rogers failed to win the board’s support, leading to Staffieri, the then chief financial officer, leaving the company. Besides, Rogers’ attempt to oust Natale put him at odds with his mother and two sisters, who are also the company’s directors.
Thereafter, Rogers lost out in the power struggle and was removed as the chairman, but got reinstated in November.
Staffieri, who was appointed as the interim CEO in November, has more than 30 years of experience in the telecoms, media, sports and financial sectors, including nine years as Rogers’ CFO. He also held senior positions at BCE (NYSE:BCE) Inc prior to joining Rogers.
($1 = 1.2654 Canadian dollars)
