Rogers Communications Inc. sought to reassure investors Thursday as it tries to move past a boardroom drama that has prompted the departure of a senior executive and the launch of an executive oversight committee.
Joe Natale, president and chief executive of Rogers, publicly addressed the feud for the first time during the telecom company's quarterly earnings call.
"I feel supported and rest assured that the entire executive team is focused on two things," Natale said during the conference call with analysts. "One, running the business to keep driving performance, and two, landing the Shaw transaction and the synergies and integration efforts that stand behind it."
"The board believes that these initiatives will further strengthen the company's corporate governance practices," it says in the management discussion and analysis document released along with the company's third-quarter financial results. On an adjusted basis, Rogers says it earned $1.03 per diluted share, down from an adjusted profit of $1.08 per diluted share a year ago. Analysts on average had expected an adjusted profit of $1.02 per share, according to financial markets data firm Refinitiv.
"While messy boardroom and family discussions continue to play out in the media, the results from Rogers show meaningful signs of improvement on many key metrics," the TD Securities note said.
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