DARREN ENTWISTLE TO RETIRE JUNE 30 AFTER OVER 26 YEARS OF TRANSFORMATIONAL LEADERSHIP; TELUS CORPORATION NAMES VICTOR DODIG NEXT PRESIDENT AND CEO

Rhea-AI Summary

TELUS (NYSE: TU) announced that long-time President and CEO Darren Entwistle will retire on June 30, 2026 after 26 years. The Board appointed Victor Dodig as President and CEO effective July 1, 2026; he becomes CEO designate immediately and will join full time on May 1, 2026.

Mr. Dodig served as CIBC CEO from 2014–2025, has been a TELUS director since May 2022, and Entwistle will act as advisor until April 30, 2027. TELUS reported operations across >45 countries and annual revenue of >$20 billion under Entwistle's tenure.

Positive

• Planned succession with CEO designate appointed immediately
• Experienced successor—Victor Dodig led CIBC 2014–2025
• Structured transition timeline—Dodig joins full time May 1, 2026
• Continuity support—Entwistle to advise until April 30, 2027

Negative

• Departure of 26-year CEO Darren Entwistle on June 30, 2026
• Industry shift—new CEO's most recent sector was banking (CIBC)
• Potential leadership uncertainty during multi-month transition

News Market Reaction – TU

-2.18%

12 alerts

-2.18% News Effect

-$462M Valuation Impact

$20.72B Market Cap

0.8x Rel. Volume

On the day this news was published, TU declined 2.18%, reflecting a moderate negative market reaction. Our momentum scanner triggered 12 alerts that day, indicating notable trading interest and price volatility. This price movement removed approximately $462M from the company's valuation, bringing the market cap to $20.72B at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

CEO tenure: 26 years Annual revenue: over $20 billion Global presence: more than 45 countries +5 more

8 metrics

CEO tenure 26 years Darren Entwistle as TELUS President and CEO

Annual revenue over $20 billion TELUS annual revenue under Entwistle’s leadership

Global presence more than 45 countries TELUS operations footprint

Team members 130,000 TELUS team members championed by Entwistle

Notes redeemed C$600 million 3.75% Notes, Series CV due March 10, 2026

Hybrid notes offering C$2.9 billion Fixed-to-Fixed Rate Junior Subordinated Notes Dec 2025

TELUS Health revenue $1.5 billion Year-to-date operating revenue as of Q3 2025

TELUS Health EBITDA $258 million Year-to-date EBITDA as of Q3 2025

Market Reality Check

Price: $13.59 Vol: Volume 6,537,605 vs 20-da...

normal vol

$13.59 Last Close

Volume Volume 6,537,605 vs 20-day avg 5,653,570 (relative 1.16x). normal

Technical Price 14.24 trades 13.52% above 52-week low and 14.91% below high, below 200-day MA at 15.11.

Peers on Argus

TU slipped -0.49% with several telecom peers also weaker: BCE -0.5%, SATS -5.28%...

TU slipped -0.49% with several telecom peers also weaker: BCE -0.5%, SATS -5.28%, VIV -3.54%, CHTR -2.47%, while RCI rose 0.8%. This points to broader sector pressure alongside the leadership news.

Historical Context

5 past events · Latest: Feb 10 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 10	AI health partnership	Positive	+0.6%	AI-powered wellbeing collaboration across UAE and region via TELUS Health.
Jan 28	AI survey insights	Positive	+0.7%	Release of 2026 AI Trust Atlas highlighting adoption and demand for regulation.
Jan 27	AI product expansion	Positive	+0.0%	Expansion of Business Connect with new AI assistants and analytics features.
Jan 16	Debt redemption	Positive	-0.4%	Redemption of C$600M notes funded by C$2.9B hybrid offering for deleveraging.
Jan 08	Health monetisation plan	Positive	+1.5%	Engagement of advisors to pursue TELUS Health partnership and monetisation strategy.

Pattern Detected

Recent fundamentally positive announcements (AI partnerships, deleveraging, monetisation planning) have mostly seen modestly positive or flat price reactions, with one deleveraging event met by a small decline.

Recent Company History

Over the past months, TELUS highlighted AI-driven growth initiatives and balance sheet optimisation. A Jan 8 update on TELUS Health monetisation detailed scale and deleveraging targets, followed by Jan 16 note redemptions funded by hybrid securities. Subsequent AI collaborations on Business Connect and UAE wellbeing solutions underscored a strategic pivot toward technology-enabled services. Against that backdrop, the announced CEO transition from Darren Entwistle to Victor Dodig marks a governance milestone layered onto ongoing AI, health and deleveraging strategies.

Market Pulse Summary

This announcement details a planned CEO transition, with Darren Entwistle retiring on June 30, 2026 ...

Analysis

This announcement details a planned CEO transition, with Darren Entwistle retiring on June 30, 2026 after 26 years and Victor Dodig assuming the role on July 1, 2026. Context from recent updates shows TELUS focused on AI-enabled services, TELUS Health monetisation and deleveraging initiatives supported by note redemptions and hybrid funding. Investors may watch how Dodig’s leadership aligns with these priorities, the execution of health monetisation, and ongoing progress toward stated leverage and growth objectives.

AI-generated analysis. Not financial advice.

Appointment of highly accomplished and talented business leader Victor Dodig is the result of robust succession planning process by TELUS Board of Directors.

Darren Entwistle recognized for leading TELUS' growth from regional telecom to a global technology leader.

VANCOUVER, BC, Feb. 12, 2026 /PRNewswire/ - The Board of Directors of TELUS Corporation (TSX: T) (NYSE: TU) today announced that, after a 26-year tenure as the company's President and Chief Executive Officer, Darren Entwistle will retire on June 30, 2026.

Following a comprehensive succession planning process, the Board of Directors has appointed Victor Dodig President and CEO, effective July 1, 2026. Mr. Dodig, who has served on the TELUS Board of Directors as an Independent Director since May 2022, becomes CEO Designate effective immediately and will join the TELUS leadership team full time on May 1, 2026 to enable a seamless transition.

Celebrating Over a Quarter Century of Darren Entwistle's Extraordinary Contributions to TELUS and the Canadian Telecom Industry

"On behalf of the Board, I want to express our profound gratitude to Darren for his transformational leadership of TELUS over the past 26 years," said John Manley, Chair of the TELUS Board of Directors. "Darren's dedication to building world-leading broadband and AI infrastructure, expanding our business portfolio, creating immense value in the TELUS brand and fostering a culture of excellence has grown TELUS from a regional Canadian telecommunications provider to a leading global communications technology company operating in more than 45 countries and generating over $20 billion in annual revenue."

"Darren's leadership and his tremendous passion for our business, our people and our customers have delivered industry-leading shareholder value, superior strategic positioning and potent societal trust," Mr. Manley continued. "Darren built TELUS into a company that proves commercial success and social impact are not competing ambitions, they are mutually reinforcing. Under Darren's leadership, the TELUS team has consistently demonstrated a shared passion for purpose, fusing technology, social innovation and human compassion to create a friendlier future for all stakeholders."

"Darren has created a legacy as one of the greatest builders and innovators in the annals of Canadian business and global telecommunications," noted Mr. Manley.

"The Board has selected an outstanding successor in Victor, who embodies TELUS' core values, embraces a commitment to putting customers first, demonstrates exceptional character and business acumen, and cares deeply about creating stronger communities," said Darren Entwistle. "Victor's tremendous skills, CEO expertise and deep experience will effectively complement TELUS' strong leadership team to continue to drive value creation in the years ahead."

Mr. Entwistle further noted, "It has been a tremendous privilege to be a member of the TELUS team. The success we have realized belongs to the extraordinary people who have built so passionately the amazing culture that sets this company apart. For more than two-and-a-half decades, I have had the incredible opportunity to work, serve and learn alongside team members who lead with grit, innovation and an unwavering commitment to doing the right thing for the benefit of the many stakeholders we serve. This team shows up every day to serve our customers, support our communities and build a company that Canadians can trust. To be part of this extraordinary team, and to support them, has been the greatest honour of my career."

In conjunction with his retirement as CEO, Mr. Entwistle will step down from the TELUS board on June 30, 2026. At that time, in recognition of his transformational leadership at TELUS, he will be accorded the title CEO Emeritus.

In support of the transition, Mr. Entwistle will also act as an advisor, available to Mr. Dodig, until April 30, 2027.

Victor Dodig Brings Proven Track Record of Strategic Growth, Financial Services Leadership and Corporate Transformation

Mr. Dodig joins TELUS after a highly distinguished business career, most recently serving as President and Chief Executive Officer of Canadian Imperial Bank of Commerce (CIBC) from 2014 to 2025. During his esteemed tenure at CIBC, he led a comprehensive transformation of the organization with a focus on customer service and enhanced technology, organic and acquisition-driven growth, and a winning strategy and culture centred on clients. Under Mr. Dodig's capable leadership, CIBC delivered strong shareholder returns.

"Victor is an exceptional leader with over three decades of experience building and transforming CIBC into a more modern, relationship-oriented and digitally focused institution," said John Manley. "Victor's proven track record leading customer-oriented businesses, driving growth and operating in a regulated sector positions him ideally to build on Darren's legacy and to continue creating long-term, sustainable value for our shareholders."

"I am deeply honored by the opportunity to lead TELUS on this journey," said Victor Dodig. "TELUS has built a remarkable foundation with leading network infrastructure, a strong portfolio of growth businesses and a distinctive culture rooted in putting customers and communities first that sets the company apart globally. TELUS also has an outstanding track record of fostering strong partnerships with Indigenous communities, customers and stakeholders. I look forward to working together with the talented leadership team and team members worldwide at a company whose values align profoundly with my own. I am excited to build on Darren's legacy and by the opportunity to lead TELUS in its exciting next chapter."

Mr. Dodig is known for being an accessible leader who demands excellence, focuses on customers and fosters exciting and dynamic workplace environments. His tenure as a valued member of TELUS' Board gives him insight into the opportunities ahead for TELUS. In addition to his role at CIBC, he served as Board Chair of the Business Council of Canada and is a Trustee of The Brookings Institution. He will be a strong advocate of TELUS' global leadership in social capitalism and has been honoured as a Catalyst Canada Honours Champion, recognizing his leadership in advancing an inclusive and supportive workplace.

Outcome of Comprehensive Succession Planning Process

Mr. Dodig's appointment is the outcome of a comprehensive CEO succession planning process. As previously disclosed, the TELUS Board of Directors, with the support of leading global executive search firms, has continuously maintained a succession-planning program for all senior executives, including the CEO, both as a matter of sound governance and to ensure that a thoughtful succession plan would be in place at the time of Mr. Entwistle's retirement. This process included reviews of the CEO role requirements as well as consideration of a wide range of internal and external candidates. This process resulted in the appointment of Mr. Dodig, a proven leader who combines world-class leadership skills for large, complex enterprises with a knowledge of TELUS' business developed over his more than three years as a member of the TELUS Board.

Darren Entwistle: 26 Years of Relentless Global Performance, Bold Transformation and Trusted Leadership

As the longest-serving CEO among incumbent telecom companies globally, Mr. Entwistle has delivered tremendous value to stakeholders over his 26-year tenure. Under his stewardship, TELUS has consistently generated operational and financial results that are world leading, establishing a track record of driving global-best outcomes for its team members, customers, communities and shareholders.  He led the transformation of TELUS from a traditional telecom into a global data and wireless leader, navigating profound industry change, including digital disruption, intense competition, regulatory pressure and economic volatility. His leadership ensured operational excellence and strategic focus during periods of crisis, including the global pandemic.  He is a passionate advocate for the company's 130,000 team members and is recognized for his unparalleled commitment to advancing TELUS' leadership in social capitalism.

Please click here for a sampling of the TELUS team's achievements over the course of 26 years.

About TELUS

TELUS (TSX: T, NYSE: TU) is a world-leading communications technology company operating in more than 45 countries and generating over $20 billion in annual revenue with more than 21 million customer connections through our advanced suite of broadband services for consumers, businesses and the public sector. We are committed to leveraging our technology to enable remarkable human outcomes. TELUS is passionate about putting our customers and communities first, leading the way globally in client service excellence and social capitalism. TELUS Health is enhancing more than 161 million lives across 200 countries and territories through innovative preventive medicine and well-being technologies. TELUS Agriculture & Consumer Goods utilizes digital technologies and data insights to optimize the connection between producers and consumers. TELUS Digital specializes in digital customer experiences and future-focused digital transformations that deliver value for their global clients. Guided by our enduring 'give where we live' philosophy, TELUS continues to invest in initiatives that support education, health and community well-being. In 2023, we launched the TELUS Student Bursary, which strives to ensure that every young person in Canada who wants a postsecondary education has the opportunity to pursue one. To date, the program has distributed over $6 million in bursaries to 2,000 students and counting. Since 2000, TELUS, our team members and retirees have contributed $1.85 billion in cash, in-kind contributions, time and programs, including 2.5 million days of service—earning TELUS the distinction of the world's most giving company.

For more information, visit telus.com or follow @TELUSNews on X and @Darren_Entwistle on Instagram.

Investor Relations

Ian McMillan
ir@telus.com

Media Relations

Steve Beisswanger
steve.beisswanger@telus.com

 

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SOURCE TELUS Communications Inc.

FAQ

When will Darren Entwistle retire as TELUS CEO (TU)?

Darren Entwistle will retire as TELUS CEO on June 30, 2026. According to the company, he will step down from the board that same day and be titled CEO Emeritus.

Who is the new TELUS President and CEO and when does Victor Dodig start?

Victor Dodig is appointed President and CEO effective July 1, 2026. According to the company, he becomes CEO designate immediately and joins full time on May 1, 2026.

What role will Darren Entwistle have after retiring from TELUS (TU)?

After retirement, Entwistle will hold the title CEO Emeritus and act as an advisor until April 30, 2027. According to the company, this supports a seamless leadership transition.

What relevant experience does Victor Dodig bring to TELUS (TU)?

Victor Dodig led CIBC as President and CEO from 2014–2025, bringing over three decades of executive experience. According to the company, he served on the TELUS board since May 2022.

How large is TELUS' footprint and revenue under Darren Entwistle's leadership?

Under Entwistle, TELUS operated in over 45 countries and generated more than $20 billion in annual revenue. According to the company, this reflects its evolution to a global communications technology company.