MONTREAL – After a quarter of a century at the head of Cogeco, Louis Audet, will relinquish his duties of president and chief executive officer of the company and its subsidiary, Cogeco Communications, effective September 1, 2018.
The business man of 66 years will be replaced by the current executive officer of Cogeco Peer 1, Philippe Jetté, who joined the company in 2011 as senior vice president and chief technology officer and strategy.
These changes were announced on Tuesday, when the boards of directors of companies have indicated that they have accepted the recommendation of Mr. Audet, in respect of his successor.
Mr. Audet will remain involved at Cogeco, and then he will become executive chairman of the board of directors of the two companies, once he has left his post as president and chief executive officer.
In the second quarter ended February 28, Cogeco Communications saw its net profits jump thanks to a gain of $ 89 million arising from the tax reform that the u.s. lowers to 21 percent the rate of corporate income tax.
The company had earned a net profit of 138,9 million $, or of 2.79 cents per share, compared to 76.7 million, or $ 1.55 per share, a year earlier. For their part, the revenues had risen by 6.8 per cent to $599 million.
Cogeco, the parent company, had generated a net profit attributable to shareholders of $ 46 million, or 2,81 cents per share, compared to $ 25.9 million, or $ 1.55 per share, in the second quarter last year.
The turnover had been of 623,2 $ million, an increase of 6.3 percent.
Companies in this dispatch: (TSX:CCA, TSX:CGO)