TORONTO – Rogers Communications announced late Thursday evening the company's president and CEO, Nadir Mohamed, has decided to retire in January 2014.
Mohamed was named CEO shortly after legendary company founder Ted Rogers died in late 2008. He 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. Prior to joining Rogers, Mohamed spent 19 years at BC Tel (and later, Telus, when BC Tel was purchased).
"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 for Rogers, in the official press release, "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."
The Rogers board of directors will appoint a search committee and select a search firm to begin an international search, the company announced. Ted’s son Edward Rogers, currently deputy chairman and executive vice president emerging business, corporate development, will not put his name forward as a candidate and neither will his daughter Melinda Rogers, who is senior vice president, strategy and development. However, since the family still owns control of RCI, they will both be involved in the search process, as will the outgoing CEO.
"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."
Since Mohamed became CEO in March 2009 the company has delivered a total shareholder return of 81%, notes the release. 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, reads the release.
"Nadir skillfully led the company during an extraordinary time of change in our history and the history of our industry," said Edward Rogers, who is also 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."
