R ogers Communications’ stock prices have dropped following a public battle within its board of directors over the weekend.

Edward Rogers (pictured), who was removed as chairman of the board and replaced with John A. MacDonald late last week, released a statement yesterday (Oct. 24) that a newly formed board of directors has reinstated him as chair.

The company’s stock price has taken a 5% dip, falling from $60.02 per share at its previous close date, to approximately $56.95 as of press time.

While reports surfaced more than a week ago of inner turmoil between former chairman Rogers and members of the board, the power struggle moved into the public arena on Thursday (Oct. 21) as Rogers declared his intent to use his controlling shares of the company to remove directors from the board.

The directors Rogers intends to oust – in his role as Control Trust chair – include new chairman MacDonald, Cineplex CEO Ellis Jacob, former PwC managing partner John Clappison, apparel group Chico’s FAS president and CEO Bonnie Brooks and former Ontario premier David Peterson.

In its place, the former chairman announced a “reconstituted” board of directors including veteran producer Ivan Fecan, Brookfield CEO Jack Cockwell, Alberta MP Michael Cooper, Rogers Group of Funds board member Jan Innes, as well as John Kerr.

The legality of Rogers’ board of directors overhaul is currently in question. The proposal does not comply with B.C. law (where Rogers Communications is incorporated), according to a statement from MacDonald on Saturday (Oct. 23), as it was not confirmed by all shareholders. Rogers said he “intends to initiate proceedings in the British Columbia Supreme Court.”

Rogers’ sister, Martha Rogers, rebuked the attempted board coup in a series of tweets. “Enjoy your pretend ‘board meeting’, Ed. Here’s your problem: it’s not legal, so I’m going to fight like hell for the 24,000 employees, 10M+ customers,” she wrote yesterday, later tweeting that his appointment as chairman “should be taken as seriously as if he appointed himself the King of England.”

President and CEO Joe Natale had attempted to reassure investors about the stability of the board of directors on Thursday following the company’s Q3 2021 financial results, stating he had “strong, unequivocal support from the board.” The call followed reports from The Globe and Mail that Rogers had attempted to replace Natale with former CFO Tony Staffieri.