Poor health forces Rogers CEO to step aside

Tag : Horn

Mr. Rogers, the son of a radio pioneer who died at 38, hasstruggled for decades with heart-related medical problems and in1992 underwent a quadruple bypass operation at the Mayo Clinic inRochester, Minn.
That was the one previous time when he temporarily surrendered hisCEO role, handing it over to two executives, RCI then-chairman (andMr. Rogers's stepfather) John Graham and vice-chairman GarfieldEmerson.
He came back after the hiatus stronger than ever. But Mr. Rogersturned 75 in May, and has appeared frail in public appearances,relying on a wheelchair to get around.
His hospitalization comes at a time when his company is on a bit ofa roll. While many companies are reeling from financial meltdown,RCI recently reported a strong third quarter, based on sales of thepopular iPhone made by Apple Inc.
Mr. Rogers, who spent 45 years coping with massive debt loads inhigh-risk ventures, is in the unusual position of seeing RCIdescribed as a safe harbour in the economic storm.
Mr. Horn, a trusted long-time executive, has been Mr. Rogers'shand-picked choice as a temporary CEO if he were to die or wasunable to continue.
Mr. Horn would fill in until RCI's board could find a permanentsuccessor.
Top contenders would be Nadir Mohamed, a recruit from rival TelusInc. who has risen to CEO of the large communications group(including wireless), and Ted's son Edward, who runs the cablebusiness.
Also in the mix is one of Ted's three daughters, Melinda,vice-president of strategy and development.
Edward has been designated as the member of the family trust whowould serve in the role as controlling shareholder for the firsttwo years after Ted's death.
The company, which also owns the Toronto Blue Jays and RogersCentre, saw its stock shoot up as much as 410 per cent in the pastfive years, but it has fallen from its high of $52.20 last July.Yesterday, Rogers class B shares closed down 76 cents to $34.99 onthe Toronto Stock Exchange.