Rogers Communications Chief Executive Departs

Canada's Rogers Communications Inc. said Monday that Guy Laurence would step down as chief executive, effective immediately, to be replaced by Joseph Natale, a former head of phone company rival Telus Corp.

Toronto-based Rogers said it plans to hire Mr. Natale as chief executive "as soon as he is in a position to join Rogers." Chairman Alan Horn will take on the position in the interim.

Mr. Natale stepped down from the helm of Vancouver, British Columbia-based Telus just over a year ago when that company determined it wanted its chief executive based in western Canada instead of Toronto.

Mr. Laurence, a telecommunication veteran, joined Rogers in December 2013 from Vodafone Group PLC.

"We have appreciated Guy's leadership over the last three years," Edward Rogers, Rogers' deputy chairman, said in a release. "He has moved the company forward re-establishing growth, introducing innovative programs…while getting the company ready for its next phase of growth."

The management shake-up comes just weeks after Rogers, which has businesses such as wireless, internet, cable television, broadcasting and print publications, announced a major overhaul of its magazine operations. Amid ongoing struggles as advertising revenue continues to migrate to the digital space from traditional media, Rogers moved a number of its publications to a digital-only format, and scaled back the print frequency of most its remaining publications.

News of Mr. Laurence's departure on Monday came alongside third-quarter results, released three days earlier than expected.

Rogers posted a third-quarter profit of 220 million Canadian dollars ($167 million), or 43 Canadian cents a share, down 53% from a year earlier. Adjusted to exclude items, it earned 83 Canadian cents a share, which was below the 88 Canadian cents analysts were expecting, according to FactSet.

Revenue rose 3%, it said, to C$3.49 billion. It said revenue got a boost from stronger wireless-service revenue due to a larger subscriber base and improved media revenue due largely to sports-related assets.

Write to Judy McKinnon at [e-mail]

(END) Dow Jones Newswires

October 17, 2016 08:45 ET (12:45 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.