BT chief executive Gavin Patterson to step down later this year

BT chief executive Gavin Patterson to leave at end of year

BT chairman Jan du Plessis said that while the board was generally supportive of the new strategy set out by Patterson and his team in May, given the reaction to it, both he and Patterson had now agreed only a leadership change could actually deliver on these plans.

BT announced a restructuring of the business where 13,000 jobs will be cut in a bid to £1.5 billion over the next three years with restructuring costs at £800 million.

BT said in a statement on Friday that it has already started the search for his replacement, noting that Patterson will remain in charge of the company until a successor is found.

Despite this, Mr Patterson managed to head off a threat to split BT's Openreach broadband division into a separate company. However, it's been a different story over the last two years. That led to Mr Patterson losing most of his bonus for 2017.

The move comes nearly a month after BT revealed plans to reduce its workforce by about 13,000 jobs over the next three years, with mainly back office and middle management roles set to be cut, with the telecommunications giant hoping to "drive sustainable long term growth in value for shareholders".

When you devise a strategy which has the "full support" of the board then you expect that you will be around to execute it. Gavin Patterson's departure is unusual in the sense that the board liked his plan, but didn't think he was the person to carry it out.

Investors in BT Group Plc watched their investments shrink about 60 percent and decided it was enough.

"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, adding it was an honour to lead the company.

Related:

  • Lukaku, Hazard on target as Belgium beats Egypt 3-0

    Lukaku, Hazard on target as Belgium beats Egypt 3-0

    Following the session, Salah provided a promising update on his fitness, telling reporters: 'I'm excited. Not just going there, three games and thank you very much. "That is not going through my head".
    China's ZTE to pay $1 billion fine to end United States  sanctions

    China's ZTE to pay $1 billion fine to end United States sanctions

    The ban in effect nearly destroyed ZTE as it now relies on many components from American companies. It was blocked from purchasing parts from US companies, sanctions that had crippled the company.
    Dub Dynasty: Warriors sweep Cavs for second straight title

    Dub Dynasty: Warriors sweep Cavs for second straight title

    I'll wake up Friday morning, I'll be locked in on the game plan and what needs to be done to help our team win. Durant's competition was stiff and two-pronged, between his teammate Steph Curry and opponent LeBron James .
  • Germany's Merkel calls Trump's G7 slams 'sobering,' 'depressing'

    Germany's Merkel calls Trump's G7 slams 'sobering,' 'depressing'

    And no wonder, as it appeared to depict the defining confrontation of the weekend's Group of Seven summit, the divide between U.S. In response, the European Union is preparing new tariffs set to hit United States exports ranging from jeans to bourbon whiskey.
    Le Graet: Fekir Has Passed Liverpool Medical

    Le Graet: Fekir Has Passed Liverpool Medical

    The French outfit have not ruled out the possibility of Fekir moving to another European powerhouse though, provided that the price is right.
    Salmonella outbreak linked to pre-cut melon, CDC says

    Salmonella outbreak linked to pre-cut melon, CDC says

    Those who reported illness said they had eaten pre-cut cantaloupe, watermelon, honeydew melon, or a fruit salad mix with melon. However, for some, the diarrhea may be so severe that hospitalization is necessary.
  • Bethesda Teases Fallout 76 Yet Again

    Bethesda Teases Fallout 76 Yet Again

    Bethesda also shared that a beta , or Break-it Early Test Application, will be available in a Fallout 76 Power Armor Edition. Prior to this announcement, Fallout 76 was revealed not long ago with more details promised to be unveiled today on June 10.
    Trump Warns Against EU Trade Reprisals After Stormy G7 Summit

    Trump Warns Against EU Trade Reprisals After Stormy G7 Summit

    That move was met with criticism at home, including from Republicans, and announcements of retaliatory tariffs from USA allies. Trudeau acknowledged that G7 leaders left La Malbaie without significantly transforming Trump's approach to trade.
    Cristiano Ronaldo's Real Madrid talks appear set for another completely predictable twist

    Cristiano Ronaldo's Real Madrid talks appear set for another completely predictable twist

    The front page of Diario Record has a photograph of Ronaldo with the headline: "Ronaldo will leave Real - Irreversible decision". Real Madrid star Gareth Bale has excited Manchester United fans by sending a message to Paul Pogba on Instagram.
  • How to have tough conversations about mental health

    How to have tough conversations about mental health

    Each one of us can learn the words to say when we're anxious about someone, and we can learn how to be there to keep others safe. For a suicide prevention number within the United States call the National Suicide Prevention Lifeline at 1-800-273-8255.
    Rafael Nadal reaches record 11th French Open final

    Rafael Nadal reaches record 11th French Open final

    Argentina's Juan Martin Del Potro waves to the spectators after losing his semi final match against Spain's Rafael Nadal . There will be a tiebreak in at least one other set as in-form Thiem gives Nadal his toughest game at this year's Open.
    Trump says he'll probably back marijuana protections bill

    Trump says he'll probably back marijuana protections bill

    This would allow businesses that sell marijuana to operate without fear of prosecution by the Justice Department. Gardner", Trump said. "I know exactly what he's doing. "But I will probably end up supporting that, yes".

Comments

Other news