Shaw appoints new CEO; Q4 income down
Shaw Communications announced that Bradley Shaw was taking over for Jim Shaw as the company's new CEO.
Jim Shaw, a Shaw employee since 1982 and CEO since 1998, initiated the move by submitting his resignation and recommending Bradley Shaw as his successor.
Bradley Shaw has been with Shaw Communications since 1987 and was executive vice president prior to his promotion to CEO. Bradley Shaw has been on the company's board of directors since 1999.
Former CEO JR Shaw continues in his role and responsibilities as executive chair of Shaw Communications Inc.
Peter Bissonnette will continue in his role as president and a member of the board of directors. He has been directly involved in Shaw Communications for 20 years in his capacity as senior vice president of operations and, for the last 10 years, as president.
"Over my 12 years as CEO, I have led a first-class team that delivered an unprecedented period of growth and expansion for Shaw, culminating with the $2 billion acquisition of the Canwest/Global TV and specialty channel assets," Jim Shaw said. "We have been notified that the decision will be released by the CRTC today. I believe it is time to pass the torch on to a new leader who will take us to the next level. It is now Brad's time to lead Shaw Communications into the future. I look forward to focusing my energies on my board duties as we deal with the exciting future that this acquisition offers. The possibilities are endless."
Shaw also reported its fourth-quarter earnings today. The company's net income was C$122 million, or C$0.28 per share, which was down from C$124 million, or C$0.29 per share, from the same quarter a year ago.
Shaw's service revenue increased to C$938.87 million from C$872.92 million a year ago. Shaw expects to invest about C$200 million next year on its wireless initiative.
Shaw's board announced today that had declared monthly dividends of $0.073333 on its Class B Non-Voting Participating Shares and $0.073125 on Shaw's Class A Participating Shares, payable on each of Dec. 30, Jan. 28 and Feb. 25, 2011, to all holders of record at the close of business Dec. 15, Jan. 15 and Feb. 15, 2011, respectively.