Glen LeBlanc Retiring As CFO At BCE, As Company Reports Bell Media Revenue Declining
LeBlanc
BELL MEDIA parent BCE INC. EVP/CFO GLEN LEBLANC is retiring, effective SEPTEMBER 1st, with SVP/Corporate Strategy & Treasurer CURTIS MILLEN set for a promotion to CFO. LEBLANC will continue as Vice-Chair, ATLANTIC CANADA, Chair of NORTHWESTEL, and Board member/Chair of the Audit Committee for MAPLE LEAF SPORTS & ENTERTAINMENT and will stay on board until the end of the year.Pres./CEO MIRKO BIBIC said, “GLEN has been instrumental in BELL’s continued success over the past three decades, and in particular his past 18 years as CFO, first at BELL ALIANT, and later at BCE. With his strategic focus, leadership and strong financial and business acumen, he has steadfastly led BCE and BELL through numerous strategic initiatives. With his leadership, Bell has attained a solid financial position, with a robust balance sheet, solid cash flow and pension solvency, all of which has helped us accelerate BELL’s capital expenditures to expand our best network leadership and competitiveness. Notably, over the past few years, his financial discipline and guidance helped us to weather the impacts of the COVID-19 pandemic, enabling us to emerge on solid ground and move our corporate strategy forward. I am honoured to count GLEN as a friend and look forward to continue working with him.””I’m pleased that CURTIS will become our Chief Financial Officer as of SEPTEMBER 1, 2023,” BIBIC added. “During his 15 years at BELL, CURTIS has guided many acquisitions and investments, our spectrum auction strategy, and a broad range of other strategic corporate initiatives. He has extensive experience in corporate strategy, M&A, finance and is a respected leader in the organization. I look forward to working even more closely with CURTIS as we position BELL for future success.”LEBLANC said, “I am extremely proud of what I have accomplished to-date at BELL and BELL ALLIANT, and look forward to continuing to serve in my Chair and Vice Chair roles, and continuing to focus on championing the impacts of BELL investments across ATLANTIC CANADA to our customers and our communities. I want to take a moment to congratulate CURTIS on his new role — I am confident he is the best person for the job.”LEBLANC’s retirement announcement comes as BCE INC. issues its first quarter 2023 financials, showing consolidated revenue up 3.5% year-over-year to C$6 billion and Adjusted EBITDA off 1.8% to C$2.5 billion, with net earnings down 15.6% to C$788 million (79 cents/common share). BELL MEDIA division operating revenue fell 5.5% to C$780 million, with ad revenue off 4.7%, subscriber revenue down 4.1%, digital revenue increasing 2%, and Adjusted EBITDA falling 36.5% to C$132 million. The company does not break out radio results in its earnings releases.
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