The Globe and Mail reports in its Friday edition that former CIBC chief executive officer Victor Dodig has been named CEO of Telus, replacing retiring CEO Darren Entwistle in a change of leadership that has surprised Bay Street. The Globe's Irene Galea and Andrew Willis write that the moves could signal a change of financial strategy for the Vancouver-based telco. Mr. Dodig, who left CIBC last year, joined the Telus board in 2022 and has been a member of the hiring and compensation committee. Mr. Entwistle, 63, known as the industry's longest-serving executive and an intense leader, joined Telus in 2000 and oversaw the company's transition from a regional telco to a digital giant with multiple international divisions. Mr. Entwistle's departure follows a period in which the company has come under fire from analysts and credit raters for its dividend strategy and heavy debt load. Its shares have fallen almost 30 per cent over the past five years, and slid 2.8 per cent in early trading after the news was released. While chairman John Manley called him an "outstanding CEO" with a strong legacy, sources said the board had been growing increasingly concerned with the company's performance and Mr. Entwistle's leadership.