April 24, 2024


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Rogers Communications: Family Fight Shakes Rogers Communications, Canada’s Largest Telecommunications Company | International

Rogers Communications headquarters in Toronto, in a picture taken last October.Carlos Osorio (Reuters)

The Rogers family appears on the list of Canada’s greatest fortunes each year. Renowned for his philanthropic work, he owns the Blue Jays, the Toronto baseball team and a good portion of the Canadian metropolitan hockey and basketball teams, the Maple Leafs and the Raptors. However, the origin of his wealth Rogers Communications, The largest telecommunications company in the country. The news, which has been making headlines for weeks, is the struggle between the founder’s son Edward Rogers and his mother and sisters for control of the company. Each page supports a board of directors.

Rogers Communications provides Internet, telephone and paid television services to approximately 11 million users. It employs more than 24,000 people and has a market value of C $ 30,000 million (approximately 24,000 million from neighboring countries). The company was formed in 1960 by Ted Rogers, who died in 2008. This Friday, Shelley Fitzpatrick, a judge in the Supreme Court of British Columbia, ruled in favor of Edward Rogers. “I give the requested order,” Fitzpatrick said unexplained. Rogers (Toronto, 1969) submitted a document at the end of October, demanding that the judicial body legally notify the board of directors he formed after he was ousted as president. He considers himself entitled to do so, as he is in charge of the Family Trust, which owns 97.5% of the Class A shares – including the right to vote. Ted Rogers put his son in charge of the foundation.

History, With hints of TV series, Started at the end of September. Edward Rogers wanted to appoint Anthony Staffieri, the company’s chief financial officer, to replace Joe Nadel as CEO, arguing that Nadal was having poor results and was skeptical of his leadership in acquiring rival company Shaw. However, the newspaper reported Globe and Mail, The play was exposed when Staffery accidentally phoned Natale while talking to someone else about the project.

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Loretta Rogers and her daughters, Melinda and Martha, convened a meeting on October 21 in which they agreed with other partners to remove Edward Rogers as chairman of the board of directors. They also recognized Joe Natale as CEO. The son of the founder of Rogers Communications, who retained the leadership of the family trust, was not idle. Three days later, the board changed all five members of the board at once and made himself chairman again. Subsequently, he filed a petition in the Supreme Court of British Columbia. Martha Rogers wrote on Twitter that all of this was the result of her brother’s “permanent anger” when he didn’t get his way ”.

Conflicting parties attended the November 1 hearing. At the meeting, representatives of Edward Rogers reiterated that the change in the board of directors was valid for the responsibility of the Family Trust. Also, although its headquarters are located in Toronto (Ontario), the company operates this way in the business law of the province of British Columbia, where it is registered. In turn, they pointed out that Loretta Rogers had signed a document supporting Joe Nadal’s departure, but that he changed his mind a few days later.

The widow of Ted Rogers He responded with a written statement that he was initially misled about Nadal’s performance. He further added that the decision to remove his son from the presidency “was” very difficult for him and other family members and was made after trying to work with him for several weeks. ” Similarly, lawyers representing the mother and daughters insisted that the appointment of members of Edward Rogers’ new board of directors was contrary to the company’s management rules.

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This Friday, after learning of the decision in favor of Edward Rogers, opposition lawyers said they planned to appeal the verdict and asked the judge to suspend the order for four days to avoid further dismissal. However, Fitzpatrick did not accept the request. In a statement, Loretta, Melinda and Martha Rogers said they were “very disappointed with the court’s decision” and underlined that “it sets a dangerous precedent for the Canadian financial market.”

Edward Rogers said he accepts responsibility for ensuring the company is properly managed and effectively managed. “Our family has the same differences of opinion as any other family. I hope we will resolve these differences personally. I know Rogers Communications knows we all want a brighter future,” he added. Some days will be important.

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