MONTRÉAL, May 29, 2024
/CNW/ - Cogeco Inc. (TSX: CGO) and Cogeco Communications Inc.
(TSX: CCA) (collectively "Cogeco" or the "Corporation")
announced today a new operating model to further optimize the
Corporation's focus on customer experience and operational
excellence, and to power future growth. The Corporation is
combining the commercial, operational, and technical functions of
its Canadian and U.S. telecommunications businesses into a simpler
North American organization.
The above changes will enable the creation of strong
cross-border centers of expertise in key strategic areas such as
digital, advanced analytics, and technology. It will also
accelerate the deployment of top talent and best practices across
the organization and will facilitate the harmonization of systems
and platforms.
"We identified a significant opportunity to increase our speed,
drive new innovation and operate more efficiently," said Frédéric
Perron, President and Chief Executive Officer of Cogeco. "Against
the backdrop of a rapidly changing industry, this nimbler structure
will increase our agility and bring our top leaders closer to our
customers and front-line teams."
Changes to the existing leadership team reporting to Frédéric
Perron, President and Chief Executive Officer, become effective on
September 1st and
include:
- Sean Brushett - to become Chief Operating
Officer, responsible for the performance of the Corporation's call
centers, field operations, facilities, and supply chain across
Canada and the United States. Mr. Brushett
previously held a similar role at Breezeline (Cogeco's U.S.
telecommunications business) as well as various executive positions
at Comcast, Time Warner, and US West Communications.
- Nancy Audette - to become Senior Vice
President - Growth Initiatives, responsible for growing the
Corporation's digital brands and wireless services across
Canada and the United States. Ms. Audette was
previously SVP and General Manager, Consumer at Cogeco Connexion
(Cogeco's Canadian telecommunications business). She also spent
five years leading Rogers' Fido wireless business.
- Marie Ginette Lepage - to become Senior Vice
President - Transformation, responsible for orchestrating key
revenue and cost initiatives across the Corporation. Ms. Lepage was
previously SVP Mobile Strategy and Innovation at Cogeco and brings
a wide range of experience from companies such as Vidéotron and
Bell.
- Paul Cowling - will join Cogeco on July 2 as Chief Legal and Corporate Affairs
Officer. Mr. Cowling brings deep functional and industry
experience to the role as well as an extensive understanding of the
telecommunications sector, having spent 12 years in similar
functions at Shaw, and most recently at Xplore.
- Finally, a comprehensive search is currently underway for the
position of Chief Commercial Officer, responsible for functions
such as sales, marketing, product, and digital across Canada and the
United States. Updates about this appointment will be shared
at a future date.
Patrice Ouimet (Chief
Financial Officer), Tim Dinesen (Chief Technology and
Information Officer), Linda Gillespie (Chief Human
Resources Officer) and Caroline
Paquet (President, Cogeco Media) will continue to lead
their respective areas. As part of these changes, Frank van der Post
(President, Breezeline) and Valéry Zamuner (Chief Legal
and Corporate Affairs Officer) have decided to leave the
Corporation to pursue new opportunities.
"Congratulations to our new executive team members. Their proven
track records will be invaluable for this next phase of our
strategy. I would also like to thank our departing executives,
Valéry Zamuner and Frank van der
Post, for their contributions. Mr. van der Post has been
instrumental in leading our U.S. operations for the past five
years," concluded Mr. Perron.
This new operating model will not impact the reporting segments
disclosed for financial reporting nor the legal structure
of Cogeco and its subsidiaries.
Forward-looking statements
Certain statements contained in this press release may
constitute forward-looking information within the meaning of
securities laws. Forward-looking information may relate
to Cogeco Inc.'s ("Cogeco" or the "Corporation") future
outlook and anticipated events, business, operations, financial
performance, financial condition or results and, in some cases, can
be identified by terminology such as "may"; "will"; "should";
"expect"; "plan"; "anticipate"; "believe"; "intend"; "estimate";
"predict"; "potential"; "continue"; "foresee", "ensure" or other
similar expressions concerning matters that are not historical
facts. Particularly, statements relating to the Corporation's
financial guidelines, future operating results and economic
performance, objectives and strategies are forward-looking
statements. These statements are based on certain factors and
assumptions including expected growth, results of operations,
purchase price allocation, tax rates, weighted average cost of
capital, performance and business prospects and opportunities,
which Cogeco believes are reasonable as of the current date. Refer
in particular to the "Corporate objectives and strategies" section
of the Corporation's 2023 annual MD&A and of the fiscal 2024
second-quarter MD&A, and the "Fiscal 2024 financial guidelines"
section of the Corporation's 2023 annual MD&A for a discussion
of certain key economic, market and operational assumptions we have
made in preparing forward-looking statements. While management
considers these assumptions to be reasonable based on information
currently available to the Corporation, they may prove to be
incorrect. Forward-looking information is also subject to certain
factors, including risks and uncertainties that could cause actual
results to differ materially from what Cogeco currently expects.
These factors include risks such as general market conditions,
competitive risks (including changing competitive ecosystems and
disruptive competitive strategies adopted by our competitors),
business risks, regulatory risks, technology risks (including
cybersecurity), financial risks (including variations in currency
and interest rates), economic conditions (including inflation
pressuring revenue, reduced consumer spending and increasing
costs), talent management risks (including highly competitive
market for limited pool of digitally skilled employees),
human-caused and natural threats to the Corporation's network
(including increased frequency of extreme weather events with the
potential to disrupt operations), infrastructure and systems,
community acceptance risks, ethical behavior risks, ownership
risks, litigation risks and public health and safety, many of which
are beyond the Corporation's control. Moreover, the Corporation's
radio operations are significantly exposed to advertising budgets
from the retail industry, which can fluctuate due to changing
economic conditions. For more exhaustive information on these risks
and uncertainties, the reader should refer to the "Uncertainties
and main risk factors" section of the Corporation's 2023 annual
MD&A and of the fiscal 2024 second-quarter MD&A. These
factors are not intended to represent a complete list of the
factors that could affect Cogeco and future events and results may
vary significantly from what management currently foresees. The
reader should not place undue importance on forward-looking
information contained in this press release and the forward-looking
statements contained in this press release represent Cogeco's
expectations as of the date of this press release (or as of the
date they are otherwise stated to be made) and are subject to
change after such date. While management may elect to do so, the
Corporation is under no obligation (and expressly disclaims any
such obligation) and does not undertake to update or alter this
information at any particular time, whether as a result of new
information, future events or otherwise, except as required by
law.
About Cogeco Inc.
Rooted in the communities it serves, Cogeco Inc. is a growing
competitive force in the North American telecommunications and
media sectors, serving 1.6 million residential and business
customers. Its Cogeco Communications subsidiary provides Internet,
video and phone services in Canada, and in thirteen states in the United States under the Cogeco Connexion
and Breezeline brand names. Through Cogeco Media, it owns and
operates 21 radio stations primarily in the province of Québec as
well as a news agency. Cogeco's subordinate voting shares are
listed on the Toronto Stock Exchange (TSX: CGO). The subordinate
voting shares of Cogeco Communications Inc. are also listed on the
Toronto Stock Exchange (TSX: CCA).
Information:
Youann Blouin
Director, Media Relations
& Strategic Communications
Cogeco Communications Inc.
Tel.: (514) 297-2853
youann.blouin@cogeco.com
SOURCE Cogeco Communications Inc.