August 12, 2014 / 12:47 PM / 5 years ago

Manitoba Telecom CEO to retire later this year

TORONTO (Reuters) - Manitoba Telecom Services Inc (MTS) MBT.TO said on Tuesday its long-time chief executive officer Pierre Blouin plans to retire from his post later this year.

Blouin, who has been at the helm of the regional telco firm for close to a decade, has agreed to stay with the company until a replacement has been appointed and to assist in the transition.

The company said its board has begun a search and expects to announce Blouin’s successor in advance of his retirement date to ensure a seamless and orderly transition.

Blouin, a telecom industry veteran, worked for over 20 years at Canadian telecom giant BCE Inc (BCE.TO) before moving across to head MTS.

He brokered a deal to sell the regional player’s fiber optic network, Allstream, to a company controlled by Egyptian telecom tycoon Naguib Sawiris for C$520 million ($475 million) last May.

The deal was designed to leave MTS as a ‘pure-play’ regional player, and some investors and analysts at the time speculated it would pave the way for MTS itself to eventually get acquired by a larger national player like BCE or rival Telus Corp (T.TO).

In a surprise move in October last year though the Canadian government blocked the sale of the fiber optic network, citing national security concerns.

MTS stock has fallen roughly 6 percent since then and closed at C$30.60 on Tuesday on the Toronto Stock Exchange.

($1 dollar = 1.0946 Canadian dollar)

Reporting by Euan Rocha; Editing by Chizu Nomiyama

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below