Joe Natale received a severance package worth $14.1 million when he stepped down as chief executive officer (CEO) of Rogers Communications (RCI) last year.
Natale left Rogers after a bruising governance battle with Edward Rogers, the son of the company's founder. The payment figures were disclosed by the company in an information circular issued ahead of its annual meeting.
The severance arrangement accounted for a little more than half of Natale's total compensation last year, which amounted to $27.4 million, according to the circular.
Edward Rogers orchestrated a plan last year to replace Natale with Tony Staffieri, who had previously served as the company’s chief financial officer (CFO).
That led to a boardroom battle pitting Mr. Rogers against his mother and sisters, culminating with a B.C. Supreme Court judge siding with Mr. Rogers after he availed himself of his power as head of the Rogers Control Trust to overhaul the board.
Natale’s severance package includes two years of base salary worth $2.7 million paid in a lump sum, a bonus of $2.7 million, and stock awards worth more than $5 million, among other compensation.
