BCE announced Thursday that Glen LeBlanc, EVP and Chief Financial Officer of BCE and Bell Canada, will retire as CFO later this year after 18 years in the post.
Curtis Millen, currently SVP, Corporate Strategy & Treasurer, will be promoted to CFO. He also serves as the Head of the company’s corporate venture capital initiative, Bell Ventures, and President of Bimcor, Bell Canada’s pension fund subsidiary. Prior to joining Bell in 2008, Millen was a media and telecom investment banker at Citigroup Global Markets and Banc of America Securities. He’ll continue to be based at Bell headquarters in Montréal.
LeBlanc, who’ll vacate the CFO position effective Sept. 1, will maintain his position as Vice-Chair, Atlantic, Chair of Northwestel, and as Board member and Chair of the Audit Committee for Maple Leafs Sports & Entertainment. LeBlanc will continue to provide transitional leadership until the end of December.
“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,” said President & CEO Mirko Bibic, in a release. “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.”
The announcement comes as Bell released Q1 2023 financial results, showing a net income decrease of 15% in the quarter to $788 million, while reporting subscriber growth in fibre internet customers (24% year-over-year) and mobile postpaid (26%) subscribers.
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