Rogers CEO Nadir Mohamed is stepping down from the company after he became the successor to Rogers founder Ted Rogers in March 2009. Mohamed will be stepping down in January 2014. This news is taking place around the same time that Rogers is announcing their Q4 results. Rogers noted that that they have hit 58,000 net subscribers additions for wireless and 7,000 for cable for the quarter. The company rolled out NextBox 2.0 and LTE coverage in the past year. The LTE coverage reaches around 60% of Canadians.
It is unknown who will fill in for Mohamed going forward. Rogers family members Edward and Melinda are executives at the company that will be involved in the search process for finding a new CEO. Edward Rogers serves as the Deputy Chairman and Melinda Rogers is a Senior VP at the company.
Below is a press release about the news:
Rogers President and CEO to retire in January 2014
TORONTO, Feb. 14, 2013 /CNW/ – Rogers Communications announced today that the company’s President and Chief Executive Officer, Nadir Mohamed, has decided to retire in January 2014. Mr. Mohamed has agreed to work with the board to ensure a seamless and orderly transition and to continue to lead the company in 2013.
“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 Board of Directors will appoint a search committee and select a search firm to begin an international search. Edward Rogers will not put his name forward as a candidate and neither will Melinda Rogers and they will both be involved in the search process. Mr. Mohamed will also be engaged in the selection process.
Mr. Mohamed began his communications career more than 30 years ago and joined Rogers in August 2000. He was President and CEO of Rogers Wireless from 2001 to 2005 and was appointed President and COO of Rogers Communications Group in 2005. Mr. Mohamed was appointed President and Chief Executive Officer in March 2009 succeeding the late company founder Ted Rogers.
“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.”
Since Mohamed became CEO in March 2009 the company has delivered a total shareholder return of 81%. During his tenure the company became the largest wireless carrier in Canada; consistently delivered best in class Wireless and Cable margins; significantly strengthened the balance sheet; consistently delivered first-to-market solutions; and set the foundation for future growth.
“Nadir skillfully led the company during an extraordinary time of change in our history and the history of our industry,” said Edward Rogers, Deputy Chairman and Chair of the Rogers Control Trust. “On behalf of the company I thank Nadir for his ongoing leadership and for strengthening the company both operationally and financially.”