Just yesterday, TELUS (News - Alert) has announced that its board and management will change starting at the next annual general meeting this May. The changes have been placed as part of a strategy to grow the company at a national level and enhancing its customer service.
In the first order of business, Brian Canfield, who since 1999 was the chair of the board for the company, has decided to retire after 58 years of working within both TELUS and BC TEL. He's seen the company through one of its most revolutionary periods, when it transformed from a regional carrier to one that helps people communicate across the nation and around the world. Because of this, he remains with a “chairman emeritus” distinction.
Canfield spoke regarding the transition: “I have thoroughly enjoyed my full career as well as my tenure as chair of TELUS. Through our comprehensive succession planning process, I am very confident that TELUS is positioned for continuing success with Darren Entwistle (News - Alert) as our new executive chair, Joe Natale becoming our president and CEO, and Dick Auchinleck being appointed the company's lead director.”
Canfield has worked with the chair that will take his place for 14 years. If he's disappointed at the new appointment decision, he's not showing it a single bit. Could Darren Entwistle make TELUS leap forward as planned?
Canfield said that Entwistle exemplified “world-class social responsibility in support of our customers, employees, and communities.”
Today, the announcement was made that Darren Entwistle will step down as CEO and appoint Joe Natale, TELUS' executive VP, in his stead. As is typical in these cases, some investors are worried that this drastic leadership change might cause some turbulence within the company, while analysts are reassuring investors that there's really no reason to fret. For example, Barclay analysts Phillip Huang and Ali Pervez wrote a note saying that a successor has been expected. “The leadership transition comes at a time when Telus is performing at its best and Natale has been a key driving force behind the company's success,” they said in the note.
If anything, the future looks bright for TELUS, at least according to analysts.
Edited by Cassandra Tucker