Jean Monty unexpectedly resigned Wednesday as chairman and CEO of giant communications conglomerate BCE Inc. (TSE:BCE)

At a press conference in Toronto, reporters questioned Currie and Sabia on the circumstances of Monty's departure.

Currie said the former CEO offered his resignation to BCE's board of directors last Friday, but they initially refused to accept it. It wasn't until Tuesday, Currie said, that the board accepted Monty's decision.

Jean Monty resigned abruptly on Wednesday
Jean Monty resigned abruptly on Wednesday

"I think Jean...decided that the headwinds going forward were more than he wanted to withstand," Currie said.

Those "headwinds" included winning over the financial community to BCE's strategy, the overhanging issue of Teleglobe, and SBC Communication's put option to sell its stake in Bell Canada. SBC owns 20 per cent of Bell Canada and starting this July has a six-month option to sell the stake back to BCE at 25 per cent over market value.

"At some point in time, even a person, I believe, of (Monty's) inner strength and abilities says it's time to turn it over," Currie added.

Michael Sabia
Michael Sabia

Sabia, 48, joined BCE in Oct. 1999 as vice-chairman and CEO of Bell Canada International.

Prior to signing on with BCE, Sabia held executive positions at CN Rail. Before that, he was a senior civil servant with the federal Department of Finance and the Privy Council Office.

Monty joined Bell Canada in 1974 and held a variety of positions in the company. He became president and chief operating officer of Nortel Network in 1992, adding CEO to his title in 1993.

He joined BCE on October 1st, 1997 as president, chief operating officer and a director of the company, and was appointed president and CEO on May 6, 1998. Monty was appointed chairman and CEO of BCE Inc. on April 26, 2000.