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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Rogers Communications Inc.    RCI.B   CA7751092007

ROGERS COMMUNICATIONS INC.

(RCI.B)
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Delayed Quote. Delayed Toronto Stock Exchange - 10/18 04:00:00 pm
65.28 CAD   +0.18%
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Rogers Taps Vodafone UK Executive as New CEO

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09/12/2013 | 10:35am EDT

Rogers Communications Inc. (RCI.A.T, RCI.B.T, RCI) said Thursday it tapped Vodafone UK Chief Executive Guy Laurence to take over as chief executive.

Toronto-based Rogers said 51-year-old Mr. Laurence, who joined Vodafone Group PLC (VOD.LN, VOD) in 2000 and has led its U.K. arm since 2008, has 30 years of experience in telecommunications, pay television and media.

He will take over in early December from departing Chief Executive Nadir Mohamed, who announced his retirement in February. Mr. Laurence's move to Rogers comes as Verizon Communications Inc. (>> Verizon Communications Inc.), the big U.S. telecommunications company, is in the process of acquiring Vodafone Group's stake in their Verizon Wireless joint venture for $130 billion.

Rogers offers mobile-phone, cable-television and Internet services and also oversees a media division comprising publishing, television and radio assets. The wireless business is considered its most important. With 9.4 million subscribers, it is Canada's biggest wireless carrier, and because of consumers' and businesses' increasing reliance on mobile devices, the unit is crucial to Rogers' growth prospects.

As head of Vodafone's U.K. business, Mr. Laurence brings extensive experience overseeing large mobile-phone operations in a market that is considered one of the most competitive globally. At the end of June, Vodafone had 19.2 million wireless subscribers, more than double Rogers' customer base.

Mr. Laurence's lack of direct work experience in the Canadian telecom market could be a potential shortcoming, some analysts said.

Rogers is confident in his abilities.

"He brings a breadth and depth of experience in telecom, entertainment and media that is truly unique, [and] he was the unanimous choice of the board," John Tory, a member of Rogers's board and its search committee, said in an email.

Mr. Laurence couldn't immediately be reached.

The appointment comes as Rogers and Canada's other incumbent phone companies--BCE Inc. (BCE.T, BCE) and Telus Corp. (T.T, TU)--are embroiled in a battle with the federal government over rules governing the entrance of foreign carriers into Canada's wireless space. The Canadian government wants a strong fourth national wireless carrier to challenge the country's dominant three, to bring down voice and data prices and foster development of new mobile offerings. The incumbents worry existing rules may allow some of the biggest North American operators to enter Canada with an unfair advantage over domestic wireless providers.

Earlier this year, Verizon suggested it was considering a move into Canada. Verizon's entry would have posed a real threat since its wireless subscriber base dwarfs the combined size of Canada's big three operators. Verizon has since said it is no longer interested in entering Canada, but the incumbents still worry another major player may try.

-Judy McKinnon contributed to this article.

Write to Ben Dummett at ben.dummett@wsj.com

Stocks mentioned in the article : Verizon Communications Inc.
Stocks mentioned in the article
ChangeLast1st jan.
ROGERS COMMUNICATIONS INC. 0.18% 65.28 Delayed Quote.-6.62%
VERIZON COMMUNICATIONS 1.06% 61.05 Delayed Quote.8.59%
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Financials (CAD)
Sales 2019 15 320 M
EBIT 2019 3 877 M
Net income 2019 2 227 M
Debt 2019 17 134 M
Yield 2019 3,06%
P/E ratio 2019 14,9x
P/E ratio 2020 13,8x
EV / Sales2019 3,30x
EV / Sales2020 3,16x
Capitalization 33 486 M
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Technical analysis trends ROGERS COMMUNICATIONS INC.
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 19
Average target price 72,58  CAD
Last Close Price 65,28  CAD
Spread / Highest target 36,3%
Spread / Average Target 11,2%
Spread / Lowest Target -20,3%
EPS Revisions
Managers
NameTitle
Joseph M. Natale President, Chief Executive Officer & Director
Edward S. Rogers Chairman
Daniel Trudeau Manager-Outside Plant Engineering
Anthony Staffieri Chief Financial Officer
Jorge Capelas Fernandes Chief Technology & Information Officer
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