Shaw Communications Inc. (“Shaw”) is pleased to confirm today the
substantial completion of its multi-year and enterprise-wide Total
Business Transformation (“TBT”) announced in February 2018, which
was focused on reinventing our operating model to better meet the
changing needs and expectations of consumers and businesses.
“As part of this journey, we have become a more
focused, agile and accountable organization, which has allowed us
to drive meaningful productivity improvements in the way we operate
and invest so that we can deliver a superior connectivity
experience by leveraging our world-class converged network,” said
Brad Shaw, CEO of Shaw Communications.
“We are also announcing today the retirement of
Jay Mehr, President of Shaw Communications, effective April 9,
2020. On behalf of our Board and our employees, I want to thank Jay
for his nearly 25 years of distinguished service at Shaw including
playing a pivotal role in the launch of a broad range of successful
consumer and business initiatives,” Mr. Shaw said. “Jay’s
contributions over the years are too many to fully list and include
his leadership in introducing Shaw to Vancouver and the Lower
Mainland, building deep strategic relationships with
industry-leading partners to gain scale and operational
efficiencies, and most recently achieving stability in our Consumer
division. Having risen through the ranks, he ensured that the
contributions and input from our field, branch and operations staff
were recognized and acted upon—a practice that we will carry
on.”
“I am extremely proud of the work we have
accomplished together and thankful towards Brad, the Shaw Family,
our Board and, in particular, each and every Shaw team member—so
humbled to be their colleague,” Mr. Mehr said. “While the decision
to retire from Shaw was not easy, I take great comfort in knowing
that our customers are the source of our innovation and their
experiences are at the forefront of every decision made by our
exceptionally talented leadership team and our highly engaged
employees. I look forward to celebrating their successes as I
transition to the next chapter of my life.”
As part of the evolution to deliver integrated
connectivity experiences to our customers, we are pleased to
announce the appointment of Paul McAleese to President, Shaw
Communications Inc. In his new role, Paul will be responsible for
overseeing all sales, marketing, base management and customer
facing areas of the business, including both the Wireless and
Wireline divisions. Since joining Shaw three years ago, Paul has
demonstrated a strong track record of delivering profitable
Wireless growth, instilling operational discipline and building
high performing teams.
During Paul’s tenure, wireless subscribers have
grown by more than 50%, Wireless revenue has approximately doubled
and now exceeds $1 billion, and our high-quality LTE network has
expanded to now make Freedom Mobile’s wireless affordability and
innovation available to approximately 18 million Canadians. Prior
to joining Shaw, Paul held executive-level positions with leading
telecommunications operators in the United States, Europe, and
Canada for over two decades.
“Paul’s contributions over the past few years go
beyond his role as President, Wireless, as he has been a key member
of the senior leadership team at Shaw where his passion, energy and
operational focus have led to the successful development of
cross-divisional efforts between our Wireless and Wireline
organizations,” Mr. Shaw said. “With the heavy lifting of our
labour optimization behind us, it is now time to decisively evolve
from a product-focused organization to a fully integrated
customer-centric organization.”
“I am grateful to Brad, the Shaw Family, and our
Board of Directors for the opportunity to lead the execution of the
next growth phase of Shaw,” said Paul McAleese, incoming President,
Shaw Communications. “Our shared philosophy focuses on strong
operational control, innovative products, robust network investment
and customer-focused execution. I look forward to accelerating the
great operating momentum we have developed over the past few years
and providing exciting growth opportunities for our approximately
ten thousand dedicated Shaw employees.”
As the Voluntary Departure Program (“VDP”)
approaches its completion, we are pleased to confirm that we remain
on track to deliver annualized combined operating and capital
savings of approximately $200 million. Over 2,900 employees have
departed over the last two years as part of this program and the
last remaining approximately 200 VDP employee exits will take place
over the next two months.
“We are confident that we have the right team,
strategy, financial strength and plan in place to capitalize on the
long-term growth opportunities with a more integrated approach to
the way we run our business and serve our customers, which further
supports our strengthening free cash flow profile,” Mr. Shaw
said.
About Shaw Communications
Inc.Shaw is a leading Canadian connectivity company. The
Wireline division consists of Consumer and Business services.
Consumer serves residential customers with broadband Internet, Shaw
Go WiFi, video and digital phone. Business provides business
customers with Internet, data, WiFi, digital phone, and video
services. The Wireless division provides wireless voice and LTE
data services through an expanding and improving mobile wireless
network infrastructure.
Shaw is traded on the Toronto and New York stock
exchanges and is included in the S&P/TSX 60 Index (Symbol: TSX
- SJR.B, SJR.PR.A, SJR.PR.B, NYSE - SJR, and TSXV - SJR.A). For
more information, please visit www.shaw.ca.
For further information, please contact:
Shaw Investor Relations
investor.relations@sjrb.ca
Caution Regarding Forward-Looking
Statements
Statements included in this news release that
are not historic constitute forward looking statements within the
meaning of applicable securities laws. Such statements include, but
are not limited to: statements related to the anticipated annual
savings related to the VDP (including reductions in operating
expenses and capital expenditures) and other statements related to
the completion of the VDP and TBT initiative, statements related to
the benefits of evolving from a product-focused organization to a
fully integrated customer-centric organization, and statements
related to Shaw’s plans, strategies and financial performance.
These statements are based on assumptions made by Shaw that it
believes are appropriate and reasonable in the circumstances,
including without limitation, there is no significant market
disruption or other significant changes in economic conditions,
competition or regulation (and its impact or projected impact on
the Shaw’s business); there is no significant changes to industry
structure, conditions, and stability; the VDP and TBT initiative
will be completed and yield the expected results and benefits.
Undue reliance should not be placed on any forward-looking
statement. Many factors, including those not within Shaw's control,
may cause actual results to be materially different from the views
expressed or implied by such forward-looking statements, including
but not limited to: general economic, market and business
conditions; changes in the competitive environment in the markets
in which Shaw operates and from the development of new markets for
emerging technologies; industry trends, technological developments,
and other changing conditions in the entertainment, information and
communications industries; Shaw's ability to execute its strategic
plans and capital projects; Shaw's ability to close any
transactions; Shaw's ability to achieve cost efficiencies;
technology, cyber security and reputational risks; opportunities
that may be presented to and pursued by Shaw; changes in laws,
regulations and decisions by regulators that affect Shaw or the
markets in which it operates; Shaw's status as a holding company
with separate operating subsidiaries; and other factors described
in Shaw's 2019 Annual Report under the heading "Known events,
trends, risks and uncertainties."
The foregoing is not an exhaustive list of all
possible factors. Should one or more of these risks materialize, or
should assumptions underlying the forward-looking statements prove
incorrect, actual results may vary materially from those described
herein.
This news release provides certain
future-oriented financial information as Shaw believes that certain
investors, analysts and others utilize this and other
forward-looking information in order to assess Shaw's expected
operational and financial performance and as an indicator of its
ability to service debt and pay dividends to shareholders. Such
financial information may not be appropriate for this or other
purposes.
Any forward-looking statements contained herein
speak only as of the date of this news release. Except as required
by law, Shaw disclaims any obligation to update any forward-looking
statement.
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