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BT chief executive Gavin Patterson to leave later this year BT chief executive Gavin Patterson to leave later this year
(35 minutes later)
BT has announced that chief executive Gavin Patterson will leave the telecoms giant later in the year after investors lost confidence in his ability to take the company through an ambitious restructuring. BT has announced that the chief executive, Gavin Patterson, will leave the telecoms giant later in the year after investors lost confidence in his ability to lead the company through an ambitious restructuring.
In a surprise move the company said that it had already started the process of looking for his successor, and expected to appoint a new chief executive in the second half of the year. In a surprise move, the company said it had already started the process of looking for his successor and expected to appoint a new chief executive in the second half of the year.
Jan du Plessis, chairman of BT, thanked Patterson for his contribution over the last 14 years but said the company needed a change in leadership. Jan du Plessis, the chairman of BT, thanked Patterson for his contribution over the last 14 years but said the company needed a change in leadership.
He 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.” He 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 departure comes after a backlash from shareholders over BT’s recent results and concerns that Patterson was not the right person to lead the company through an ambitious new restructuring plan, unveiled by the chief executive just four weeks ago. The departure comes after a backlash from shareholders over BT’s recent results and concerns that Patterson was not the right person to lead the company through an ambitious new restructuring plan, unveiled by the chief executive only four weeks ago.
The new strategy includes 13,000 job cuts and a move out of BT’s central London headquarters after almost 150 years, as it attempts to slash costs amid growing competition and falling revenues. BT missed profit and revenue targets in the year to the end of March, sending shares in the company to a six-year low.The new strategy includes 13,000 job cuts and a move out of BT’s central London headquarters after almost 150 years, as it attempts to slash costs amid growing competition and falling revenues. BT missed profit and revenue targets in the year to the end of March, sending shares in the company to a six-year low.
Days after the news of the job cuts, BT revealed Patterson was paid £2.3m last year, including a £1.3m bonus and a 1.5% rise in his basic salary.Days after the news of the job cuts, BT revealed Patterson was paid £2.3m last year, including a £1.3m bonus and a 1.5% rise in his basic salary.
Patterson, who has been at BT for more than 14 years and chief executive since 2013, will stay on in the top role until a replacement is found.Patterson, who has been at BT for more than 14 years and chief executive since 2013, will stay on in the top role until a replacement is found.
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. Throughout that time I’ve been immensely proud of what we’ve achieved, in particular the transformation of the business in recent years with the launch of BT Sport, the purchase and integration of EE, and the agreement to create greater independence for Openreach. 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. Throughout that time I’ve been immensely proud of what we’ve achieved, in particular the transformation of the business in recent years with the launch of BT Sport, the purchase and integration of EE and the agreement to create greater independence for Openreach.
“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.” “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.”
The chairman added: “While BT is a very demanding business, with multiple stakeholders, we do have significant opportunities ahead of us. I am confident that, for the remainder of his term, Gavin and his senior management team will continue to display the energy required to deal with every dimension of the task at hand.”The chairman added: “While BT is a very demanding business, with multiple stakeholders, we do have significant opportunities ahead of us. I am confident that, for the remainder of his term, Gavin and his senior management team will continue to display the energy required to deal with every dimension of the task at hand.”
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Telecommunications industryTelecommunications industry
Gavin PattersonGavin Patterson
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