VANCOUVER – This is a surprise.
Telus announced this morning that Joe Natale is stepping down as president and CEO. The move “follows an extensive review” by the company’s board that concluded late Friday, reads this morning’s press release.
Natale “recently indicated that a move to Western Canada would not work for him and his family for several years and the board determined that the company would be best served by having its chief executive officer reside in the west,” continues the press release.
“Mr. Natale has agreed to serve in an executive, non-board capacity through year-end to ensure a smooth leadership transition. Effective today, Darren Entwistle will resume serving as the company's president and CEO in Vancouver and Dick Auchinleck will serve as the company's independent chair. Mr. Entwistle and Mr. Auchinleck have both agreed to serve in these capacities on a long-term basis.”
"Since joining Telus in 2003 and through his service as our chief commercial officer and chief executive officer, Joe has been a tremendous leader for our company and a dedicated champion for our many stakeholders," Entwistle said in the release. “I want to thank him for his passionate commitment and highly valued contributions to our customers, our investors, our team and our communities. Undoubtedly, Joe is a highly talented executive who has left an indelible mark on Telus. I will continue to partner with him through the remainder of this year to ensure a smooth handover of responsibilities and the effective continuing progression of our winning strategy. On a personal note, I will miss Joe after this year closes out and I wish him the very best for his continued career success.”
"I am immensely proud of the Telus team and the role I have played in helping Telus to achieve excellence on a global basis across a multitude of business measures,” Natale added in the release. “I am confident that Telus is poised for continuing success in the years ahead and I will work with Darren and the leadership team to ensure this transition is successful.”
"The board of directors is very pleased that Darren has agreed to resume service as our president and CEO on a long-term basis," said Auchinleck. "Since 2000, under his leadership, Telus has become a recognized global leader in shareholder value creation, technology innovation, human capital development and employee engagement, as well as corporate social responsibility. Notably, from the beginning of 2000 through July 2015, Telus' total shareholder return was 351 per cent, the largest among all telecom service providers around the globe, outpacing the number two incumbent by 63 percentage points."
