Kelvin Shepherd is retiring as president of Manitoba Telecom Service Inc., paving the way for Jay Forbes to take on the roles of both chief executive and president, the company said Monday. Forbes became CEO at the start of this year. MTS said in a press release that Shepherd was going to leave the company later this year. It said the changes reflect changes that are meant to "simplify and realign its organizational structure to better fit the company's go-forward strategy focused on a stand-alone MTS." Shepherd said in the release that change is "logical," given...
Manitoba Telecom Services Inc. said Wednesday it has reached an agreement with its unions and retirees regarding a pension plan that was in dispute following its 1997 privatization and was subject to a Supreme Court decision early this year. A court decision issued in January ordered MTS to put $43 million plus interest into the pension plans, with MTS estimating at the time that the interest could add up to as much as $147 million. The principal, $43 million, was the amount of surplus the pension had when MTS was privatized in 1997, court documents said, adding that instead of going toward...