Rogers CEO announces resignation as net income rises 30%

Nadir Mohammed, the chief executive of Canada’s Rogers Communications, has announced he will retire in January 2014.

Mohammed will continue to lead the operator in 2013 and be involved in the search for a suitable replacement by its board of directors.

“The company’s in great shape and it’s time to start the transition to the next generation of leadership,” said Mohammed in a statement. “Over the next year I look forward to delivering strong results and to ensuring a seamless transition.”

Nadir Mohammed, the chief executive of Canada’s Rogers Communications, has announced he will retire in January 2014.

Mohammed will continue to lead the operator in 2013 and be involved in the search for a suitable replacement by its board of directors.

“The company’s in great shape and it’s time to start the transition to the next generation of leadership,” said Mohammed in a statement. “Over the next year I look forward to delivering strong results and to ensuring a seamless transition.”

Mohammed joined Rogers (Toronto, Canada) in 2000, becoming chief executive in March 2009, since when the company claims to have delivered a shareholder return of 81%.

According to the operator, his achievements as chief executive include making Rogers the largest mobile-phone operator in the country, consistently delivering best-in-class mobile and cable margins, significantly strengthening the balance sheet, consistently delivering first-to-market solutions and setting the foundation for future growth.

“Nadir is a highly regarded executive who has delivered strong results and substantial value for more than a decade,” said Alan Horn, the chairman of the board. “Thanks to his disciplined and strategic management approach we’ve strengthened our core business, solidified our financial position and set Rogers up for long-term success.”

Mohammed’s resignation coincided with the publication of fourth-quarter results that showed a 30% year-on-year improvement in net income, to C$455 million ($452 million), and a 3% rise in revenues, to C$3.26 billion.

Besides growing mobile data revenues and reporting a record number of smartphone activations, Rogers also managed to reduce costs across a number of its operating units.

It also made progress on the rollout of its LTE network, which is now available to 60% of Canada’s population, and improvements to its cable networks, claiming it can now provide 150Mbps services across 90% of its cable footprint.

With the publication of fourth-quarter results, the board of directors approved a 10% increase to the annualized dividend rate, to C$1.74.