Analyst Note| Matthew Dolgin, CFA |
Leaks and rumors behind what led to the abrupt departure of Rogers CFO Tony Staffieri last month have been all but confirmed in recent days through a public spat among board members. The drama is likely even more intriguing considering the split between board members also represents a family feud within the Rogers family, which controls the company. It appears Ed Rogers, who was removed as chairman on Oct. 21, will drag this fight on, and a court will likely determine the outcome considering the firm’s complicated ownership structure. But for the moment, CEO Joe Natale appears to have survived an attempted ouster by Ed Rogers, and we don’t expect any deviation in the firm’s path forward. We are maintaining our CAD 68 fair value estimate.