He also said his mother, fellow board director Loretta Rogers, had supported firing Natale and had made a speech to the board asserting so in late September.īut Loretta Rogers disputed these assertions in a statement issued hours after the legal filings, saying that Edward Rogers and board director Alan Horn had given her inaccurate information about Natale's performance as CEO. In a legal affidavit filed in British Columbia Supreme Court on Tuesday, Edward Rogers said he lost confidence in Natale to lead the company through the acquisition of Shaw Communications, a C$20 billion ($16.1 billion) transaction and the largest deal in RCI's history. The stock has dropped more than 6% this week. The family row playing out in public is a rare occurrence in Canada and has caught analysts and investors by surprise. The original board, including his mother and two sisters, named board member John MacDonald as chair and backed Natale. 1, to hear submissions by RCI and the Trust about the legality of Edward Rogers' attempt to reconstitute the board through a written resolution without conducting a meeting of shareholders, according to a separate statement by RCI.
The Supreme Court of British Columbia will meet on Nov. RCI has disputed the legality of this move, and the matter will now be decided in court. He retaliated by using his position as chair of the Rogers Control Trust, the family-owned entity that owns the majority of voting shares in the company, to constitute a new board on Sunday, which recognized him as chairman. That resulted in Rogers being removed as chairman of Rogers Communications last week.
VANCOUVER, Oct 26 (Reuters) - The family feud for control of Canadian telecom company Rogers Communications Inc (RCIb.TO) ratcheted up on Tuesday as Edward Rogers filed a court petition to validate his reconstituted board, a move swiftly challenged by his mother and sisters.Įdward Rogers, son of late founder Ted Rogers, has been at odds with his mother and two sisters over who should lead the company after he attempted to remove Chief Executive Officer Joe Natale in late September.
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