Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials HomeTelecomTelus cuts dividend, plans asset sales as new CEO makes his markThe dividend reduction is expected to generate about $2.7 billion in cash savingsAuthor of the article:Last updated 24 minutes ago You can save this article by registering for free here. Or sign-in if you have an account.A Telus store in Vancouver, B.C. on Sept. 6, 2022. Photo by Taehoon Kim/BloombergTelus Corp. slashed its dividend by about 55 per cent and will try to unload assets, including parts of its health division, as new chief executive Victor Dodig looks to repair the balance sheet.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorThe dividend reduction is expected to generate about $2.7 billion in cash savings, the company said in a statement Friday. Under the new rate, investors will receive a payout of 75 Canadian cents a share per year.Telus has been seeking to cut its debt after years of acquisitions and investments in fibre and 5G networks. The company appointed Dodig, the former chief executive officer of Canadian Imperial Bank of Commerce, to succeed longtime boss Darren Entwistle in February.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againThe company said it’s in talks with parties on non-core assets in its Telus Health division and is working on selling real estate.Vancouver-based Telus said it will focus its investments on “where it has the strongest competitive position and clearest path to returns,” including its wireless and wireline networks and digital and artificial intelligence infrastructure.“Our focus is on disciplined execution and ensuring maximum returns on every dollar of capital we deploy,” Dodig said in the statement. Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.