Edward Rogers will try to replace five Rogers directors
Rogers Communications Inc. Chairman Edward Rogers is trying to replace five board members with a slate of his own directors, escalating the battle for control at Canada’s largest wireless and cable firm.
The son of founder Ted Rogers is seeking to replace current directors David Peterson, Bonnie Brooks, John MacDonald, Ellis Jacob and John Clappison with five of his own choices, according to people familiar with the matter, asking not to be identified because the matter is private.
The move raises the stakes in the family feud at Toronto-based Rogers, which is in the midst of a US$16 billion takeover bid for rival Shaw Communications Inc.
It started last month when Edward Rogers tried to oust Chief Executive Officer Joe Natale. The effort was defeated by a majority of the board -- including his sisters and his mother, Loretta Rogers.
Since then, the board has sought to constrain the chairman’s power, creating a committee to set the rules by which Edward Rogers can interact with Natale and other senior executives. That committee includes three people -- MacDonald, Clappison and his sister Melinda Rogers-Hixon, who has opposed her brother and backed the CEO.
Edward Rogers’ nominees for the board include Toronto real estate executive Michael Cooper, Jack Cockwell, Jan Innes, broadcast executive Ivan Fecan and Jake Kerr, the people said.
A representative for Rogers Communications could not be immediately reached for comment. Cooper declined to comment to questions from BNN Bloomberg Television.
Rogers shares were down 1.5 per cent to $60.35 as of 2:55 p.m. in Toronto, having traded down as much as 2.8 per cent after its third-quarter earnings report. Shaw was down 0.1 per cent.