TELUS Announces Leadership Changes - Joe Natale Stepping Down, Darren Entwistle Back in as President and CEOMonday, August 10, 2015
Darren Entwistle resumes role as President and CEO. Dick Auchinleck appointed independent Chair of the Board.
Vancouver, BC, August 10, 2015--(T-Net)--Effective today, Joe Natale is stepping down as President and Chief Executive Officer of TELUS. This follows an extensive review by TELUS' Board of Directors that concluded late Friday.
Mr. Natale recently indicated that a move to Western Canada would not work for him and his family for several years and the Board determined that the Company would be best served by having its chief executive officer reside in the West.
(Natale currently lives in Toronto, Ontario according to his LinkedIn profile).
Mr. Natale has agreed to serve in an Executive, non-Board capacity through year-end to ensure a smooth leadership transition.
Effective today, Darren Entwistle will resume serving as the Company's President and CEO in Vancouver and Dick Auchinleck will serve as the Company's independent Chair. Mr. Entwistle and Mr. Auchinleck have both agreed to serve in these capacities on a long-term basis.
Thanking Joe Natale for his numerous and valuable contributions to TELUS
"Since joining TELUS in 2003 and through his service as our Chief Commercial Officer and Chief Executive Officer, Joe has been a tremendous leader for our Company and a dedicated champion for our many stakeholders," said Mr. Entwistle. "On behalf of the entire TELUS team, including our Board of Directors, I want to thank him for his passionate commitment and highly valued contributions to our customers, our investors, our team and our communities. Undoubtedly, Joe is a highly talented executive who has left an indelible mark on TELUS. I will continue to partner with him through the remainder of this year to ensure a smooth handover of responsibilities and the effective continuing progression of our winning strategy. On a personal note, I will miss Joe after this year closes out and I wish him the very best for his continued career success."
Mr. Natale shared, "I am immensely proud of the TELUS team and the role I have played in helping TELUS to achieve excellence on a global basis across a multitude of business measures. I am confident that TELUS is poised for continuing success in the years ahead and I will work with Darren and the leadership team to ensure this transition is successful."
Darren Entwistle's and Dick Auchinleck's appointments
"The Board of Directors is very pleased that Darren has agreed to resume service as our President and CEO on a long-term basis," said Mr. Auchinleck. "Since 2000, under his leadership, TELUS has become a recognized global leader in shareholder value creation, technology innovation, human capital development and employee engagement, as well as corporate social responsibility. Notably, from the beginning of 2000 through July 2015, TELUS' total shareholder return was 351 per cent, the largest among all telecom service providers around the globe, outpacing the number two incumbent by 63 percentage points."
Mr. Entwistle continued, "On behalf of our Board of Directors, I thank Dick for his service as our Lead Director and am very pleased that he has agreed to serve as our Chair. I know Dick will provide exceptional leadership in fostering the effectiveness of our Board, including championing TELUS' continuing commitment to adopt and uphold good governance practices. We are fortunate to have a leader of Dick's calibre, including his experience in serving as the Lead Director for ConocoPhillips for several years, to help steward the continued progression of our proven strategy."
This news release contains statements about financial and operating performance of TELUS (the Company) and future events, including with respect to future dividend increases and normal course issuer bids through 2016 that are forward-looking. By their nature, forward-looking statements require the Company to make assumptions and predictions and are subject to inherent risks and uncertainties. There is significant risk that the forward-looking statements will not prove to be accurate. Readers are cautioned not to place undue reliance on forward-looking statements as a number of factors could cause actual future performance and events to differ materially from those expressed in the forward-looking statements. Accordingly, this news release is subject to the disclaimer and qualified by the assumptions (including assumptions for the 2015 annual targets and guidance, semi-annual dividend increases through 2016 and our ability to sustain and complete our multi-year share purchase program through 2016), qualifications and risk factors referred to in the second quarter Management's discussion and analysis and in the 2014 annual report, and in other TELUS public disclosure documents and filings with securities commissions in Canada (on SEDAR at sedar.com) and in the United States (on EDGAR at sec.gov). Except as required by law, TELUS disclaims any intention or obligation to update or revise forward-looking statements, and reserves the right to change, at any time at its sole discretion, its current practice of updating annual targets and guidance.
TELUS (TSX:T)(TU) is Canada's fastest-growing national telecommunications company, with $12.3 billion of annual revenue and 13.9 million customer connections, including 8.4 million wireless subscribers, 3.1 million wireline network access lines, 1.5 million high-speed Internet subscribers and 954,000 TELUS TV customers. TELUS provides a wide range of communications products and services, including wireless, data, Internet protocol (IP), voice, television, entertainment and video, and is Canada's largest healthcare IT provider.
In support of our philosophy to give where we live, TELUS, our team members and retirees have contributed more than $396 million to charitable and not-for-profit organizations and volunteered and more than 6 million hours of service to local communities since 2000. Created in 2005 by President and CEO Darren Entwistle, TELUS' 11 Canadian community boards and 4 International boards have led the Company's support of grassroots charities and will have contributed more than $54 million in support of over 4,800 local charitable projects by the end of 2015, enriching the lives of more than 2.1 million children and youth. TELUS was honoured to be named the most outstanding philanthropic corporation globally for 2010 by the Association of Fundraising Professionals, becoming the first Canadian company to receive this prestigious international recognition.
For more information about TELUS, please visit www.telus.com.
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