December 5, 2021

The Queens County Citizen

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Rogers: The CEO could receive $ 200 million if he was fired

Rogers: The CEO could receive $ 200 million if he was fired

Rogers CEO Joe Natale was reportedly paid $ 200 million to thank him for his good and loyal service. The Globe and Mail, Thursday.

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Recently, clashes on the board of directors of a telecommunications company caused a stir in the Rogers family, which eventually led to the removal of the board of directors chairman and son of Rogers founder.Communications, Edward Rogers, then voted last week.

Mr. Rogers wanted Joe Natale to leave the company and be replaced by longtime CFO Tony Staffery.

Rogers Communications Inc. It is reported that a press release was also written to announce his departure Toronto Star.

However, according to documents obtained by the court Globe and Mail, The Board of Directors was shocked to learn of Mr. Natal’s departure and Mr. Staffery’s promotion to CEO. The latter felt that appropriate governance policies had not been followed.

The board then withdrew and instead Mr. Removed staphylococcus. In the process, Edward Rogers was removed from the board of directors. However, he is the head of the family trust.

Joe Natal, for his part, did not resign, but if he had, Rogers would have paid him a large sum, including the first $ 13.7 million in divorce, which would be in line with his two-year salary, benefits and pension.

The company paid him a total of $ 10 million for completing the Rogers & Shaw combination, as well as an advance on $ 4.1 million worth of preferred share units and $ 1.3 million in performance by 2021.

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Mr. He also awarded Natale a separate two – year consulting contract with Rogers shortly after his departure, under which he would lead the consolidation of Rogers and Shaw if an agreement was reached after regulatory approval. The deal is subject to a $ 4 million “success fee” plus $ 20 million after the deal with Shaw.

Since Joe Natale is tied to the Non-Competition Clause, he will not be able to join the competing company after leaving. So it’s a $ 20 million deal, it’s a business deal for him.

Also, Mr. Natale will also be allowed to keep its invested restricted share units for 10 years until 2031, which the company estimates at $ 142 million.

Even to watch