Guy Laurence steps down as Rogers CEO, to be replaced by ex-Telus head Joe Natale

Guy Laurence has stepped down as president and CEO of Rogers Communications, effective immediately, the company said today.

He will eventually be replaced by former Telus CEO Joe Natale, who resigned from the Rogers rival last summerin part because of a reluctance to move his family to Vancouver, where Telus is based, fromToronto, which happens to be where Rogers is headquartered.

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ButNatalecan't come on board justyet, as he is still bound by the terms of the non-compete clause he signed withTeluswhen he left. Itpledgeshe is not allowed to work for a rival for an undisclosed period of time.

UntilNatalecan start,Rogers veteran Alan Horn will act as interim CEO.

'"During the transition, it's business as usual," said Horn. "We have a strong management team that will continue to execute the plan and build on the momentum we have established as we head into the fourth quarter

The news of Laurence's departurecomesas a surprise to the investment community, since he had only been on the job for about three years, after comingfrom British wireless firmVodafone, where he developed a reputation as a fierce competitor.

TD analyst Vince Valentini said "the abrupt CEO change will require some explanation," but he described Natale as "an excellent candidate for the role."

A statement fromRogers thankedLaurence for his work, but stressed the company's long-term vision.

"We have appreciated Guy's leadership over the last three years," saidEdward Rogers, Rogers deputy chairman and eldest son of company founder Ted Rogers, who died in 2008."He has moved the company forward ... while getting the company ready for its next phase of growth.

"On behalf of the Rogers family and the board, I'd like to thank Guy for his competitive spirit and many contributions," Rogers said.

Business model changing

The move comes at an uncertain time for Rogers, as the wireless and media conglomerateis seeing its business model change on many fronts.

Rogers recently announced the end of itsShomistreaming video service, and earlier this month, it drastically cut back the publishing schedule for many of its magazines, includingMaclean'sand Chatelaine.

Rogers is also entering the third year of adeal with the NHL for rights to broadcast hockey games, an expensive pact that has thus far yet to bear much fruit.

The news regarding Laurencewas also announced minutes beforeRogers released its quarterly results, which showits second-quarter profit fell nearly in half, to$220 million or 43cents per share, down from $464 million or 90 cents per share.

The wireless unit, however, had its biggest revenue growth and post-paid customer additions (114,000)since 2010. And the cable unit added 30,000 new customers, which also beat expectations.

Rogers was originally scheduled to post its financial results on Thursday morning before stock markets opened, before moving the earnings release up to coincide with the news of the CEO's departure.