BT boss Gavin Patterson to step down

BT boss Gavin Patterson to step down

BT boss Gavin Patterson to step down

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.

Patterson, who has run BT for nearly five years, announced 13,000 job cuts last month in an attempt to get to grips with a host of problems including intense competition, an underperforming IT services unit, a huge pension deficit and criticism of its broadband plans.

"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 subsequent revelation that BT paid Patterson £2.3m a year ago generated further negative PR, and at the start of June, it emerged that some BT shareholders were actively mobilising against him. The company said he would "not now be receiving the 2018 incentive share plan award", which was set out in the latest annual report. However, it's been a different story over the last two years.

More news: Top Indian chefs mourn the death of Anthony Bourdain
More news: Season's 1st tropical storm forms in eastern Pacific
More news: Yellowstone chief says he is ousted after dispute with Trump administration

At the height of Patterson's tenure, BT stock reached a 15-year peak shortly after his record bet on U.K. Premier League soccer TV rights and the acquisition of British wireless venture EE from Deutsche Telekom AG and Orange SA.

Laith Khalaf, a senior analyst at financial services firm Hargreaves Lansdown, noted that BT's share prices is at a six-year low, having since 2016 been "pretty much always on a downward trend and with a few nasty cliffs". The first and most important is the share price.

But the admission that fraud had left a 530-million pound black hole in its Italian business, combined with sharp slowdown in demand from public sector and corporate customers, forced the 50-year-old executive to cut profit targets in 2017.

Patterson said it had been "an honour" to lead BT.

Recommended News

  • Singapore diplomat: 'All systems go' for Trump-Kim summit

    Singapore diplomat: 'All systems go' for Trump-Kim summit

    Trump "very much conceives it as a test of wills and of a contest of one man and another", Axios' source stressed. Raising expectations in advance of the meeting, Trump said the outcome will depend heavily on his own instincts.
    The Elder Scrolls VI Announced, Has a Logo and Nothing Else

    The Elder Scrolls VI Announced, Has a Logo and Nothing Else

    You can create your own character and customize him, and fight both in melee and with magic and ranged weapons. Bethesda announced a new The Elder Scrolls games today at its Electronic Entertainment Expo showcase.
    China, Russia Solidify Growing Eastern Bloc as Trump Rattles G-7

    China, Russia Solidify Growing Eastern Bloc as Trump Rattles G-7

    In a symbol of close China-Russia ties, Xi on Friday gave China's first friendship medal to Putin. The U.S. leader has repeatedly said he wants to improve relationships with Moscow.
  • Lyon say Nabil Fekir transfer negotiations with Liverpool have ended

    Lyon say Nabil Fekir transfer negotiations with Liverpool have ended

    He came on in the second half of that game, which was at Lyon's home ground, to a great reception from the home fans. France forward Nabil Fekir's move from Lyon to Champions League runner-up Liverpool fell through on Saturday.
    Vettel takes 50th win and F1 championship lead in Canada

    Vettel takes 50th win and F1 championship lead in Canada

    But Hamilton, so often the master here in Montreal, had to settle for fifth on a weekend to forget for the defending champion and his team.
    EA Announces Star Wars: Jedi -- Fallen Order, Set Between Episodes III & IV

    EA Announces Star Wars: Jedi -- Fallen Order, Set Between Episodes III & IV

    Zampella revealed that you will play a Jedi and, yes, you will be able to wield the series' signature lightsaber weapon. According to IGN.com, Respawn CEO Vince Zampella teased the brand new addition to the Star Wars gaming collection.
  • Donald Trump says Russian Federation should be be allowed to rejoin G7

    Days after igniting a trade war , Donald Trump declared Saturday that he wants a world free of all tariffs and trade barriers. The president repeated his tough stance on tariffs, saying allies had been "taking advantage" of the United States on trade.
    Battlefield V multiplayer footage emerges at EA Play, battle royale mode confirmed

    Battlefield V multiplayer footage emerges at EA Play, battle royale mode confirmed

    Electronic Arts and developer DICE confirmed that Battlefield V is getting a battle royale mode at some point in the future. We will have more on Battlefield V and more EA games in the days ahead, so keep checking back for more.
    Trump and Kim lookalikes hold ´summit´ in Singapore

    Trump and Kim lookalikes hold ´summit´ in Singapore

    I also think I'll know whether or not it will happen fast. "And if I think it won't happen - I'm not going to waste my time". Asked how hell read Kims intentions so quickly, the president replied: "My touch, my feel".
  • How to have tough conversations about mental health

    How to have tough conversations about mental health

    Alejo encourages anyone with thoughts of suicide or anyone needing help to reach out to pillar or other organizations. A frank approach can let the person know "you're not afraid" of the subject and you care enough to ask, she said.
    G7 tensions high after 'rant' over trade

    G7 tensions high after 'rant' over trade

    Trudeau's office responded to Trump's tweet saying "We are focused on everything we accomplished here at the #G7 summit". After a war of words the day before, American-French relations appear to be back on track at the G7 summit on Friday.
    99 killed in Guatemala volcano eruption

    99 killed in Guatemala volcano eruption

    Meanwhile, on Wednesday, rescue crews were repeatedly forced to retreat as Fuego sent boiling water and toxic gas down its slopes. The national disaster agency says it's suspending recovery efforts because of the danger to its workers.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.