Friday, BCE Inc. (BCE, BCE.TO), Canada's largest communications company, announced that George Cope has been appointed to the boards of directors and as President and Chief Executive Officer of BCE and Bell Canada, effective immediately.
Cope succeeds Michael Sabia as chief executive officer of BCE and Bell. BCE also announced Sabia's resignation from the BCE and Bell boards.
As announced earlier, Cope will also lead the company following the completion of its acquisition by an investor group, and the deal is expected to close on or before December 11.
Cope joined Bell in 2005 as President and Chief Operating Officer of Bell Canada. Previously, he was President and Chief Executive Officer of Telus Mobility, a position he assumed following Telus' acquisition of national wireless provider Clearnet Communications in 2000. Cope had earlier served for 13 years as President and CEO of Clearnet.
Bell also announced a streamlined organizational structure and a new executive team that has developed a strategy to quickly re-focus the organization on improving the customer experience, while rolling out competitive new service, network and marketing initiatives. The streamlined structure reduces the total number of BCE and Bell executives from 17 to 12.
The company also announced that the Commissioner of Competition has extended, under the Competition Act (Canada), the period during which the privatization transaction may be completed under the original merger notification filing.
As closing of the privatization transaction will occur on or before December 11, 2008, the Toronto Stock Exchange has extended to January 30, 2009 time for the holding of the Company's annual meeting of shareholders. The Board has set January 30, 2009, in Montreal, as the date and location of its annual meeting, if required.
BCE is currently up $0.15 or 0.39% and trades at $38.62. BCE.TO is presently up C$0.02 or 0.05% and trades at C$38.92.
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