Tag: Tony Staffieri

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Rogers CEO overtakes Telus Chief as the highest paid telecom executive

Tony Staffieri, the CEO of Rogers raked in a staggering $31.52 million in compensation last year, which was enough for him to overtake Telus CEO, Darren Entwistle as Canada’s highest-paid telecommunications chief, according to The Globe and Mail.

Entwistle’s total compensation on the year was still nothing to scoff at, with the Telus chief pulling in $17.49 million on the year. Despite serving the longest, his compensation total puts him in second among Canada’s big three telecom giants, with Bell’s Mirko Bibic following behind at $13.59 million.

A major cause of Staffieri’s rise in compensation in 2022 was due to perks following his appointment as CEO in January and Rogers’s acquisition of Shaw Communications.

Staffieri’s promotion from CFO to CEO, along with the company’s increase in annual pay led to Rogers estimating nearly $10 million in additional lifetime future pension cost. Companies are required to report changes in executives’ future pension income to security regulators each year, and the $9.9 million contributed to the CEO’s $31.52 million annual compensation.

Apart from this, the remainder of Staffieri’s was comprised of stock awards, bonuses and his salary. To sweeten things for the chief, he was awarded a $1.83 million dollar annual bonus as a result of Rogers achieving its revenue goals and profit targets in 2022.

If that wasn’t enough, Staffieri received an additional stock-option award that was valued at $8 million. He has the opportunity to collect the award if Rogers meets its undisclosed on the first and second anniversaries of the Shaw takeover.

The CEO’s paycheque may be overinflated this year, but according to the company, it may be a one-time deal. Rogers has set his normal annual compensation at around $10.5 million, giving the Telus chief a chance to get back in front by the end of this year.

Source: The Globe and Mail Via: iPhone in Canada

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Rogers’ CEO Tony Staffieri says butt dial never happened

Tony Staffieri is the CEO of Rogers, one of the largest telecom companies in Canada.

But according to reporting from the Toronto Star, many people see him as a “proxy” for Edward Rogers.

Rogers is the chair of the company and fought to hire Staffieri in a pubic battle that divided the Rogers family.

The Star reports that everyone, whether they are a fan of Staffieri or not, can agree that he has the coveted position partially because of his relations with Rogers’. Staffieri joined Rogers in 2011, was dismissed in 2021, and re-hired six weeks later as CEO. The publication says he developed a “close relationship” with Rogers’ during his time at the company.

“Tony … was a constant through a lot of evolution,” a former company executive told the Star. “That says a lot, I think, about his capability to navigate (Rogers) and the trust he had with the family.”

Staffieri was elected CEO after a public battle that divided the company. It all appeared to have begun after an infamous butt dial. The Globe and Mail reported that former CEO Joe Natale found out about his unseating by a call Staffieri was on. Several people backed up the story in court, including Loretta Rogers.

But Staffieri said that wasn’t the case. “The facts are the facts,” Staffieri told the publication. “There was no butt dial.”

With Staffieri on the job for over a year now, performance reviews are mixed. Analysts agree the company is performing well. With Staffieri’s background as an accountant, that’s not surprising. But others told the Star this came at the cost of investments and long-terms projects. “The way he drove change in the organization was very drastic in the first quarter (of 2021),” a former manger told the Star.

But Staffieri told the publication the company has been redistributing assets and not necessarily reducing spending.

“When you have a larger organization, in my mind, in my experience, you sort of say, let’s stop doing those things and let’s focus and put our money on these things,” he said. “It may come across for some folks as, ‘Well, we’re cutting costs.’ Well, we’re not. We’re just reallocating resources.”

You can read the full Toronto Star feature here.

Source: Toronto Star

Image credit: Shutterstock 

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Glenn Brandt appointed as Rogers’ chief financial officer

Glenn Brandt has been appointed the Chief Financial Officer (CFO) for Rogers Communications, a role previously filled by now president and CEO Tony Staffieri.

Brandt has worked for Rogers for the past 30 years in a variety of roles. Most recently he was the senior vice president of corporate finance.

“I look forward to working with the team to build on Rogers’ strong legacy of growth, deliver on our key priorities, and enhance value for our shareholders,” Brandt said in a statement.

A messy feud resulted in Staffieri serving as interim CEO back in November after former leader Joe Natale was ousted. This was the second time Edward Rogers, the chair of the board, attempted to appoint Staffieri.

Senior staffer Paulina Molnar stepped into the role of interim CFO.

Staffieri was appointed the official president and CEO in early January.

Source: Rogers

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Tony Staffieri appointed indefinite CEO of Rogers Communications

Tony Staffieri is now the permanent president and CEO of Rogers.

Staffieri was filling the role as interim leader since late November while a permanent leader was being picked. He was in the running for the permanent position since the beginning.

Staffieri took over from former CEO Joe Natale on November 16. This was board chair Edward Rogers’ second attempt to appoint Staffieri.

The first in late September resulted in a chaotic power struggle that divided the Rogers family. While Edward Rogers was in favour of Staffieri, his sisters who also served on the board, weren’t. They believed Natale was the man for the job.

“This is a pivotal point in the company’s history and the board has full confidence in Tony’s ability to lead Rogers as we move forward,” Edward Rogers said in a statement.

The new change means Staffieri is now also part of the board of directors, alongside the Rogers siblings.

In a statement, Staffieri said he was honoured to be appointed the job.

“I remain focused on driving shareholder value with improved execution and completing the Shaw transaction to create one strong organization focused on delivering exceptional customer service and the best networks in Canada.”

The drama continued alongside the company’s plans to acquire Shaw Communications Inc. in a $26 billion transaction.

Staffieri started his interim role just days before the Canadian Radio-television and Telecommunications Commission (CRTC) started its hearing on the broadcast elements of the transaction. This was the only public hearing into the matter.

Matters of telephone, wireless, and internet services involved in the merger will be handled by the Competition Bureau and Innovation, Science and Economic Development Canada. These meetings won’t be open to the public.

Staffieri isn’t the only change to the long list of Rogers executives.

The Globe and Mail is reporting two executives are leaving the company; senior vice president of strategy and corporate development, Dan Golberg, and chief communications officer Sevaun Palvetzian. This is in addition to the earlier departure of Dave Fuller, president of the company’s wireless division.

Source: Rogers

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Rogers CEO Joe Natale ousted, Edward Rogers’ top pick takes over

Joe Natale is no longer the president and CEO of Rogers, according to a statement from the company.

Tony Staffieri — Edward Rogers’ preferred executive — will take over as the telecom giant’s interim president and CEO. This shift comes amid a power struggle within the Rogers that resulted in a judge allowing Edward Rogers, the chair of the Rogers’ family trust, to replace five director’s on the company’s board.

“On behalf of the Rogers family, the Board and our 24,000 team members across the country, I thank Joe for his leadership and contributions to our company, including paving the way for our future together with Shaw,” said Edward Rogers, in a press statement.

“While Joe is moving on, we have an experienced interim CEO and leadership team who will continue to focus on the business, return to stability, and closing our transformational merger with Shaw.”

The press release goes on to state that Staffieri has “over thirty years of telecom, financial, media and sports experience, including nine as the chief financial officer of Rogers.”

However, it seems Staffieri’s appointment is truly temporary, as the release also says that Rogers is looking for a permanent CEO that will “continue to drive our future growth.”

Rogers says that it still plans to acquire Shaw this spring in a $26 billion deal that’s still awaiting approval from the Canadian government.