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Business icon Harry Steele steps aside

['Harry Steele has reached a compromise with the Department of Transportation and Works. He was previously suing over construction near his home on Memorial Drive.']
['Harry Steele.']

By Roger Taylor

The company that Harry Steele, 88, founded, Newfoundland Capital Corp. Ltd., announced Monday that its long-time chairman, Steele, is retiring immediately as both director and chairman of the board.

“Harry is a wonderfully recognized and respected Canadian business icon whose vision and business acumen has formed the foundation of the successful business that Newfoundland Capital is today,” David Matheson, chairman of the board’s audit and governance committee, said in a company release Monday.

Dartmouth-based Newfoundland Capital has named Steele “chairman emeritus” and wished him and his wife Catherine a happy retirement.

Steele’s son Rob Steele, 56, the current president and CEO of Newfoundland Capital and its wholly owned subsidiary Newcap Radio, has now been selected to replace his father as chairman of the board.

Under Rob Steele’s leadership, Newfoundland Capital has focused on the radio broadcasting industry, building Newcap Radio into the largest pure radio company in Canada, with 101 broadcast licences (72 radio stations and 29 repeating signals) across the country.

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