Recently, Rogers Communications Inc. (RCI - Free Report) , a leading Canadian telecom and cable TV operator, has assigned Guy Laurence as the next president and Chief Executive Officer (CEO) effective Dec 2, 2013. Guy Laurence aged 51, will replace Nadir Mohamed who plans to quit later this year.
During Nadir’s 13 years tenure, the company witnessed consistent growth with both revenues and earnings per share (EPS) growing at a three-year (2009-2012) compounded annual growth rate (CAGR) of 2.6% and 12%, respectively.
Management believes that Guy’s 30 years of experience in telecom, pay-TV and media will certainly benefit Rogers Communications in the long run. Guy headed Vodafone Group Plc.’s (VOD - Free Report) Netherlands division from 2000 – 2005, before he was shifted to the company’s U.K. division. He also held important positions in many corporate firms which includes MGM studios.
In the recently concluded second quarter of 2013, Rogers posted mixed financial results with the bottom line missing the Zacks Consensus Estimate whereas the top line surpassed the same.
At present, Rogers has expanded its superfast LTE network to 60% of Canada and expects to achieve a 100% foothold by late 2013. Hence, we believe that the appointment of the new CEO will be crucial to the company’s future.
Currently, Rogers Communications has a short-term Zacks Rank #3 (Hold).
Other Stocks Outlook in Related Industries
Other stocks in this sector like TELUS Corp. (TU - Free Report) and BCE Inc. (BCE - Free Report) are set to gain from the extensive/increasing LTE deployment in the upcoming days. Currently, both TELUS Corporation and BCE Inc. have a Zacks Rank #3 (Hold).