The president and CEO of Telus Corp. (TSX: T) is leaving his position after 14 years leading one of Canada's biggest telecom companies.
The Vancouver-based company announced March 31 Darren Entwistle would be replaced by long-time executive Joe Natale.
Entwistle took on the role of Telus CEO in 2000, while Natale joined in 2003 as a vice-president and has served as chief commercial officer the past four years.
The outgoing CEO will remain with the company in Vancouver after being named executive chairman. Natale will continue working from Toronto.
“I look forward to continuing to work closely with Joe and the Telus board,” Entwistle said in a prepared statement.
A Telus spokesman said Entwistle was not available for further comment.
“While we are very surprised by this announcement, Natale has been groomed as Entwistle’s successor and therefore his succession comes as no surprise,” said Dvai Ghose, Canaccord Genuity’s head of Canadian research and telecommunications, in a note to clients.
The leadership change takes effect May 8, when Brian Canfield exits as chairman of the board following a combined 58 years with Telus and its predecessor BC Tel.
Entwistle was B.C.’s second-highest paid executive in 2012, earning about $11 million that year – a 7% increase from his 2011 salary.
In February, Telus reported fourth-quarter revenue in 2013 reached $2.95 billion. The company credited growth in its wireless business and low customer churn for the 3.4% increase in revenue compared with the same period a year earlier.
Since Entwistle joined Telus in 2000, the company has been able to deliver a total shareholder return of 286%.
The company’s wireless customer base has grown to 7.8 million, while its high-speed Internet subscribers number 1.4 million and its TV subscribers have reached 815,000.
Its shares were trading at $39.85 at press time, down 1.26% from when it opened in the morning.
