Rogers Communications (TSX:RCI.B) has just announced that its President and Chief Executive Officer, Nadir Mohamed, has decided to retire in January, 2014.
The moves comes minutes after the company posted its Q4 and 2012 results, in which it reported Q4 revenue of $3.261 billion. The company’s full year topline was $12.486-billion.
“Nadir is a highly regarded executive who has delivered strong results and substantial value for more than a decade,” said Alan Horn, Chairman of the Board, Rogers Communications Inc. “Thanks to his disciplined and strategic management approach we’ve strengthened our core business, solidified our financial position and set Rogers up for long-term success. The board is grateful for his significant contributions and looks forward to working with him to ensure a seamless and orderly transition.”
Rogers says it will begin an executive search, but that neither Edward Rogers nor Melinda Rogers will put their names forward.
The 55 year old Mohamed joined Rogers in 2000 and became CEO in 2009.
“It’s truly a privilege to work with the Rogers family, the board, the leadership team and our employees to deliver for customers and shareholders and to set the foundation for the future,” said Nadir Mohamed, President and Chief Executive Officer. “The Company has a seasoned executive team, the best asset mix in North America, the most advanced networks and the best platform to lead and drive the next wave of growth. The company’s in great shape and it’s time to start the transition to the next generation of leadership. Over the next year I look forward to delivering strong results and to ensuring a seamless transition.”
Shares of Rogers on the TSX closed today down .5% to $45.47