Rogers CEO to retire
Canadian carrier Rogers Communications has announced that its president and CEO, Nadir Mohamed, will retire in January 2014.
The announcement was released on the same day as Rogers' fourth quarter financial results in which the company reported a 3% rise in revenues to CAD3.26 billion and 30% rise in net profit to CAD455 million.
Mohamed joined Rogers in August 2000 and was president and CEO of Rogers Wireless from 2001 to 2005. He became president and COO of Rogers Communications Group in 2005 before succeeding Rogers founder Ted Rogers as 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 Mohamed.
"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."
Rogers said Mohamed will work with the board to ensure a “seamless and orderly transition” and continue to lead the company in 2013.
The company will appoint a search committee and a search firm. It was confirmed that both Edward Rogers and Melinda Rogers will not put their names forward for the position and both will be involved in the search process.
Rogers noted that since Mohamed became CEO the company has delivered a total shareholder return of 81%.
"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."