The recent turbulence within Rogers’ C-suite and board will not impact its governance or the $26 billion Shaw transaction, president and CEO Joe Natale (pictured) told investors on Thursday (Oct. 21), as the company reports stable year-over-year revenue in Q3 2021.

The investor call came in the wake of reports from the Globe and Mail that the recent departure of CFO Tony Staffieri was the result of a failed attempt by former board chair Edward Rogers to oust Natale as CEO. Rogers was voted out as chair on Thursday, with John A. MacDonald assuming the role, but will remain on the board.

Natale declined to comment on any specific details about the reports, but said he has “strong, unequivocal support from the board to direct the strategy of the company, to keep driving the operational initiatives we’ve been talking about over the last many quarters and to support the approach around the Shaw transaction.”

The company, which has a market value of approximately $30.6 billion as of press time, has made steps to enhance oversight for the board following Staffieri’s departure, according to its financial reports. The board has formed an executive oversight committee that includes board members John H. Clappison, MacDonald and Melinda M. Rogers-Hixon and have launched a comprehensive corporate government review.

The purpose of the committee is to “advise and assist” the chair of the board and president and CEO and “establish clear protocols for interactions between the chair and members of management.”

“Rest assured that I continue to work very collaboratively with every member of the board,” said Natale. “We just had a board meeting yesterday; it was a very good discussion on the future of the business, the Shaw deal, what’s driving the momentum and what are the biggest challenges ahead of us. It was a very strong, collaborative and thoughtful discussion with all board members.”

The company reported an overall revenue of $3.67 billion in Q3 2021, approximately the same revenue earned in Q3 2020. Rogers Sports & Media revenue took a 3% dip, reporting $437 million in Q3 2021 compared to $489 million in Q3 2020.  The media division saw a 63% decrease in adjusted EBITDA with $33 million in 2021 compared to $89 million in 2020. The losses in media, which were attributed to a delayed end to the NHL and NBA seasons due to the pandemic, were offset by an increase in cable revenue.

The executive team’s two core focuses, according to Natale, are “running the business to keep driving performance and landing the Shaw transaction and the synergies and integration efforts that stand behind it.”

The proposed merger with Shaw is still awaiting regulatory approval by the Competition Bureau, ISED Canada and CRTC. The Competition Bureau issued a request for information on Sept. 28 to investigate “whether the proposed transaction is likely to result in a substantial lessening or prevention of competition for mobile wireless, wireline internet and broadcasting services.”

According to Rogers’ financial reports, the transaction must close by March 15, 2022 or either Shaw or Rogers would be in a position to terminate the acquisition. Additionally, if the deal does not receive regulatory approval, Rogers “would be obligated to pay a $1.2 billion reverse termination fee to Shaw.”

Rogers has projected that the transaction will close in the first half of 2022.

Updated on Oct. 22 to reflect the change of Edward Rogers’ role on the board