Gavin Patterson to step down as BT chief executive
Gavin Patterson to step down as BT chief executive
BT chief executive Gavin Patterson will step down this year as chairman says there is 'a need for a change of leadership'
11 June, 2018, 07:38
BT has this morning announced that Gavin Patterson, CEO of nearly five years, is to leave his role, with the market reaction to recent results cited as the reason for change.
Chairman Jan du Plessis, who had backed Mr Patterson at last month's strategy update, yesterday said shareholders had convinced him the CEO's time was up, even as the board is still "fully supportive" of the business plan.
"The broader reaction to our recent results announcement has. demonstrated to Gavin and me that there is a need for a change of leadership to deliver this strategy", he said.
Patterson said it had been "an honour" to lead BT.
But the company has faced criticism for its handling of Britain's broadband infrastructure and its shares have lost more than half their value in the last two years.
The UK group said in a statement on Friday that Gavin Patterson would leave his job later this year.
He was "immensely proud" of what had been achieved at the former telecoms monopoly, in sports broadcasting, mobile and a hard-won agreement with the regulator to keep hold of its networks business Openreach.
He will continue in his role until the new boss is named. The cost-cutting plans were announced alongside BT's full-year results which revealed a 1% drop in revenue to £23.7 billion.
But the subsequent decline in the share price showed investors were not on side.
"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", he said.
As well as its financial performance BT has been consistently criticised for its service level in broadband and overall customer service.
"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", he said.
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