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| BT chief executive exits to become trade minister | BT chief executive exits to become trade minister |
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| BT chief executive Ian Livingston is to leave Britain's biggest telecoms company to join the government, as minister for trade and investment. | BT chief executive Ian Livingston is to leave Britain's biggest telecoms company to join the government, as minister for trade and investment. |
| Livingston will join the House of Lords, replacing the former HSBC chief executive and chairman Lord Green, who has served as a minister since early 2011 and is approaching retirement. | Livingston will join the House of Lords, replacing the former HSBC chief executive and chairman Lord Green, who has served as a minister since early 2011 and is approaching retirement. |
| The son of a Glasgow GP, Livingston's talent was spotted early by the Dixons chairman Sir Stanley Kalms, who made Livingston the youngest FTSE 100 finance director at the age of 32. He joined BT in the same role, before becoming chief executive in June 2008 at the age of 43. | The son of a Glasgow GP, Livingston's talent was spotted early by the Dixons chairman Sir Stanley Kalms, who made Livingston the youngest FTSE 100 finance director at the age of 32. He joined BT in the same role, before becoming chief executive in June 2008 at the age of 43. |
| Having transformed the former national telecoms monopoly, which was struggling under a towering pension fund deficit and spiralling costs at its global services division, he leaves in September. | Having transformed the former national telecoms monopoly, which was struggling under a towering pension fund deficit and spiralling costs at its global services division, he leaves in September. |
| It will fall to Livingston's successor Gavin Patterson, currently head of BT Retail, which sells broadband, calls and pay TV under the BT and Plusnet brands, to bring to a successful conclusion the challenge against BSkyB that begins in August with the launch of two BT sports channels. | It will fall to Livingston's successor Gavin Patterson, currently head of BT Retail, which sells broadband, calls and pay TV under the BT and Plusnet brands, to bring to a successful conclusion the challenge against BSkyB that begins in August with the launch of two BT sports channels. |
| Livingston has overseen a share price rise from a nadir of 75p to over 300p on Wednesday, a performance which has brought pay rewards of more than £16m over the last two years alone as long term incentive schemes bore fruit. News of his surprise departure saw the shares shed 3.5% to 308p. | |
| He launched the group's programme to replace antiquated copper telephone lines with the fibre-optic cables capable of meeting the needs of high speed internet in the digital age, and signed the £738m cheque for the three years of Premier League football matches that have pitched BT into battle against Rupert Murdoch's satellite broadcaster. | He launched the group's programme to replace antiquated copper telephone lines with the fibre-optic cables capable of meeting the needs of high speed internet in the digital age, and signed the £738m cheque for the three years of Premier League football matches that have pitched BT into battle against Rupert Murdoch's satellite broadcaster. |
| Sir Michael Rake, chairman of BT, said: "Ian has done a tremendous job in transforming BT. His decision to accept a government post demonstrates the sense of public service which many of us know to be characteristic. He leaves behind him a very capable team, one which will take forward the strategy that has served BT well and which lays out the path to further success." | Sir Michael Rake, chairman of BT, said: "Ian has done a tremendous job in transforming BT. His decision to accept a government post demonstrates the sense of public service which many of us know to be characteristic. He leaves behind him a very capable team, one which will take forward the strategy that has served BT well and which lays out the path to further success." |
| Livingston, 48, will join the House of Lords prior to taking up his front bench government post in December. He said: "It has been an incredibly hard decision to leave BT at such an exciting time. However, the opportunities ahead and the strength of the management team that Gavin will lead mean that the company is in a great position." | Livingston, 48, will join the House of Lords prior to taking up his front bench government post in December. He said: "It has been an incredibly hard decision to leave BT at such an exciting time. However, the opportunities ahead and the strength of the management team that Gavin will lead mean that the company is in a great position." |
| Patterson joined BT in January 2004 as managing director of its consumer division, having previously spent four years at Telewest. Before that, he was European marketing director for the consumers goods giant Procter and Gamble. | Patterson joined BT in January 2004 as managing director of its consumer division, having previously spent four years at Telewest. Before that, he was European marketing director for the consumers goods giant Procter and Gamble. |