Once the sale closes, the MLSE board of directors will undergo a major change. It will shrink from seven directors to six, as the incoming company president is not expected to get a seat. Leaving the board will be Robert Bertram, Jane Rowe, Glen Silvestri and Ashvin Malkani, who represented the former owner, the Ontario Teachers Pension Plan Board. Richard Peddie stepped down from the board when he retired as MLSE president earlier this year.
The only holdovers on the new board will be MLSE chairman Larry Tanenbaum, who owns the other 25 per cent of the company, and his long-time associate Dale Lastman. The other four directors’ seats will be split equally between Rogers and BCE. A source said Rogers chief executive officer Nadir Mohamed and BCE CEO George Cope will be on the board but it isn’t known who the other BCE and Rogers representatives will be.
It also is not known if the new owners have settled on a replacement for Peddie as MLSE president. The leading internal candidate is MLSE’s chief operating officer, Tom Anselmi, who appears to have the support of Tanenbaum and Lastman. But both Rogers and Bell have kept their feelings quiet. The hiring of a new president will require the unanimous approval of the MLSE board.
There will be an interesting twist in how power is shared on the new board of directors. Bell and Rogers agreed that their four votes on the six-person board will always vote as one, which will prevent any deadlocks. It would also prevent Tanenbaum from aligning himself with one company against another if they disagree on an issue. Apparently, Bell and Rogers will hash it out in private how they will vote before any vote is taken.
Bell and Rogers are also expected to form a new company, which will hold their MLSE stake.
It is 4 of 6 new board members, 2 from bell...2 from Rogers.