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| BT boss Gavin Patterson to step down | BT boss Gavin Patterson to step down |
| (35 minutes later) | |
| BT's chief executive, Gavin Patterson, is to leave the telecoms giant after five years in the post. | BT's chief executive, Gavin Patterson, is to leave the telecoms giant after five years in the post. |
| The company said it would have a successor in place in the second half of the year, and Mr Patterson would remain in his post until that time. | The company said it would have a successor in place in the second half of the year, and Mr Patterson would remain in his post until that time. |
| Mr Patterson has been at BT for 14 years, 10 of those as a board member. | |
| Shares in the company are at a six-year low. Last month, the company announced an ambitious restructuring which included cutting 13,000 jobs. | |
| That was intended to cut costs, improve profits and release cash to invest in 5G. | |
| Days after the restructuring announcement, the company revealed Mr Patterson was paid £2.3m last year, including a £1.3m bonus and a 1.5% rise in his basic salary. | |
| Friday's statement said he would "not now be receiving the 2018 incentive share plan award", which was set out in the latest annual report. | |
| BT chairman Jan du Plessis said: "The board is fully supportive of the strategy recently set out by Gavin and his team. | BT chairman Jan du Plessis said: "The board is fully supportive of the strategy recently set out by Gavin and his team. |
| "The broader reaction to our recent results announcement has, though, demonstrated to Gavin and me that there is a need for a change of leadership to deliver this strategy." | "The broader reaction to our recent results announcement has, though, demonstrated to Gavin and me that there is a need for a change of leadership to deliver this strategy." |
| Mr Patterson became managing director of BT's consumer division in 2004. He was appointed chief executive of the BT Group in 2013. | |
| He said: "It's been an honour to lead BT since 2013 and serve as a member of the board for the last 10 years. | |
| "BT is a great business and with the new management team I've recently put in place is, I believe, very well-positioned to thrive in the future." |