Rogers’ CTO departs after outage, Nutrien acquires Casa do Adubo and Bank of Montreal buys Radicle
Rogers Communications (TSX: RCI.B) has announced it has appointed Ron McKenzie as the company’s new chief technology officer, two weeks on from the nationwide outage which left millions of Canadians unable to access internet, cell phone, or television services.
Mr McKenzie replaces the outgoing officer Jorge Fernandes, taking up the role effective immediately.
Rogers is still being urged to deliver an explanation to the Canadian Radio-television and Telecommunications Commission (CRTC) on how future incidents will be prevented.
Mr McKenzie joined Rogers in late 2019 after having served at Shaw Communications (TSX: SJR.B) for 11 years.
National Bank Financial analyst Adam Shine said the change was “inevitable” as a result of the outage that affected millions, and described Mr McKenzie as well-equipped to take on the new role.
“It’s also worth acknowledging that his work at both companies should offer a good fit during the future anticipated integration of Shaw, whose purchase still requires regulatory approvals from the Competition Bureau and ISED,” he said.
Bausch + Lomb
Global eye health company Bausch + Lomb (TSX: BLCO) has announced chief executive officer and chairman Joseph Papa will part ways with the company, stepping down from both roles.
The Canada-based company confirmed the departure was mutual and insists no bad blood exists between the parties.
Mr Papa said he believes it is the right time for a leadership transition within the company.
“After six years as CEO, and after accomplishing the IPO of Bausch + Lomb, I believe now is an appropriate time to transition leadership of the company,” he said.
“I am proud of what we have accomplished during my tenure, and I will leave knowing Bausch + Lomb is well-positioned for continued success as it transitions toward being a separate company.”
Mr Papa will remain as chief executive officer and as a member of the board until a successor is appointed, while Thomas Ross Sr has been appointed as chair.
Bausch + Lomb remains focused with its outlook for the full year of 2022 and reiterated its commitment to finalising its spin-off from Bausch Health.
Nutrien
Nutrien (TSX: NTR) has announced it has agreed to acquire Casa do Adubo SA for an undisclosed fee in a bid to expand its Brazilian retail business.
The deal includes 39 retail locations under the brand Casa do Adubo, as well as 10 distribution centres under the brand Agrodistribuidor Casal.
The world’s leading fertiliser manufacturer said the acquisition will add US$400 million (C$515 million) in sales, boosting Nutrien Ag Solutions’ Latin American retail operations’ annual revenue to US$2.2 billion (C$2.83 billion).
Nutrien interim chief executive officer Ken Sietz said the expansion opportunity in Brazil will bring benefits for the brand as a whole.
“The acquisition expands our footprint in Brazil from five states to 13 and supports growers in a key region of the world that will increasingly be relied on to sustainably increase crop production and feed a growing population,” he said.
”We expect that integrating Casa do Adubo will further enhance our ability to provide whole-acre solutions for all customers in the region while delivering quality earnings in this large and growing market.”
The deal still requires approval from the Administrative Council for Economic Defense (CADE) before the transaction can be closed.
Bank of Montreal
BMO Financial Group (TSX: BMO) has entered into a definitive agreement to buy sustainability advisory and emissions measurement firm Radicle Group.
The Calgary-based company is considered a leader in sustainability advisory services and solutions, as well as technology-driven emissions measurement and management.
BMO announced Radicle will form part of BMO Capital Markets’ global markets group, with its 130 employees and more than 4,000 clients.
Bank of Montreal Capital Markets chief executive officer Dan Barclay said the deal makes the bank a leader in carbon credit development, emissions measurement capabilities, and the environmental commodity market.
“The acquisition of Radicle supports BMO’s climate ambition to be our clients’ lead partner in the transition to a net-zero world, and the progress we’re making for a thriving economy, a sustainable future, and an inclusive society,” he said.
Radicle chief executive officer Saj Shapiro said its management team and employees were thrilled to join BMO markets.
“By joining BMO, Radicle will be able to continue serving its existing customers, accelerate its emissions reduction efforts, scale its activities across BMO’s client network, develop additional sustainability services, and enter new markets,” he said.
CAE
CAE (TSX: CAE) has announced it is ramping up its efforts to train future pilots in electric planes with mounting concerns involving global warming.
The Canadian manufacturer of simulation technologies, modelling technologies and training services company revealed the plans at a trade exhibition in the United Kingdom, where temperatures continue to rise.
CAE’s head of sustainable development Helene Gagnon said it will be a first in the industry, using an electric motor and battery system.
“This means we have to develop the whole curriculum of how we train on an electric plane,” she said.
Canada federal industry minister Francois-Philippe Champagne said the country has tremendous potential for promoting green technologies within the aerospace sector.
“Canada can be the green supplier of choice to the aviation industry,” he said.
CAE also announced it will work with Piper Aircraft on an electrical conversion kit for third parties, as well as with training and support services required for the operation of electrified Piper Archer aircraft.