Shaw Communications has announced the departure of CFO Vito Culmone from 4 May, and the appointment of his successor, Trevor English. The move is part of the company’s previously announced reorganisation programme, and consolidates a number of functions under English, who was previously chief strategy and business development officer for Shaw. Before joining the company, English worked in the investment banking industry in both Canada and England.
Shaw also gave an update on its voluntary departure programme (VDP), saying about 3,300 employees elected to take part, representing 25 percent of the company’s total workforce. The company expects to take a restructuring charge of CAD 450 million for the plan in the second quarter. Savings will run to around CAD 225 million be year, fully realised in fiscal 2020. Shaw said most of the people leaving work in business areas which can be further optimised by using technology and a more efficient service delivery model. So no impact is expected on customer service. The departures will take place over the next 18 months.
More information about the company’s reorganisation plan will be given when Shaw releases is Q2 results on 12 April.
