22 Oct 2021 07:41 ET
07:41 AM EDT, 10/22/2021 (MT Newswires) -- Canadian magnate Edward Rogers on Thursday vowed to take back control at Rogers Communications (RCI.B.TO) after the company's board voted to oust him as chairman. The telecom giant said in a short statement Thursday afternoon that John MacDonald has taken over as board chairman, though Rogers remains a director. Hours after the announcement, the Rogers Control Trust, which holds nearly all of the Class A shares and a portion of Class B shares in the telecom firm, said its chair, Rogers himself, "is disappointed with recent events and commentary regarding the governance" of the company and that he "has lost confidence in the board." Rogers announced plans to remove MacDonald and four other board directors and replace them with new members. The plan will need to be signed by shareholders representing at least two-thirds of Class A shares in Rogers. The control trust and other holding companies controlled by the Rogers family collectively own 97.53% of all Class A shares. The developments mark the latest chapter in a boardroom drama that started after Rogers tried to force out CEO Joe Natale and replace him with then-CFO Tony Staffieri, which would have led to the departure of other senior officials at the company. A majority of the board opposed the change in late September. Staffieri then left the company without explanation on Sept. 29. |