Rogers Communications CEO Nadir Mohamed to Step Down in 2014
TORONTO -- Canadian cable and wireless phone giant Rogers Communications is searching for a new president and CEO after Nadir Mohamed said he will step down in January of 2014.
News of Mohamed’s retirement, arriving late Thursday night, came as the media group posted net income for the fourth quarter of 2012 up 62 percent to $529 million. Overall revenue was up 3 percent to $3.26 billion.
Edward Rogers and Melinda Rogers, the son and daughter of the late company founder Ted Rogers, who Mohamed succeeded in March 2009, will not put their name forward as possible replacements.
Instead, the Rogers board of directors will launch an international search for a new president and CEO, with Mohamed remaining in the post through 2013.
“The company's in great shape and it's time to start the transition to the next generation of leadership,” Mohamed, who joined Rogers in 2000 as head of its wireless phone division, said in a statement.
The media giant is currently Canada’s largest cable TV and wireless phone provider, and has a range of radio and TV assets, including the City and Omni networks and Sportsnet, the cable sports channel.
Rogers also owns and operates the Toronto Blue Jays baseball club, and holds a minority stake in the Toronto Maple Leafs and Toronto Raptors teams.
Rogers, releasing his latest financial results, pointed to cost savings and cross-company revenue growth to explain the higher Q4 earnings.
Rogers’ wireless phone division, which generates around 60 percent of overall revenues, saw sales rise 5 percent to $1.92 billion.
The cable division saw revenue rise 2 percent to $852 billion.
Media division revenue was up 1 percent to $432 million, driven by higher subscription revenues from Rogers’ cable TV sport properties.