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giftedviz.com October 23, 2018


BT boss Gavin Patterson to step down

11 June 2018, 07:37 | Austin Hogan

BT CEO steps down

BT CEO steps down

BT CHIEF EXECUTIVE Gavin Patterson is to leave the telecoms giant following a negative reaction to his recent cost-cutting plans to axe 13,000 jobs at the company.

Patterson, who led the British group for five years, would remain in his post until a successor is chosen later this year.

He will not now receive the 2018 incentive share plan, worth £3.5m.

The search for Patterson's successor is now underway, the company added.

His leadership has seen a number of significant developments. It also spent £12.5bn to buy mobile phone operator EE in 2016.

During his tenure at BT, Patterson steered the organisation through a gruelling Ofcom Market Review that ultimately resulted in the legal separation of BT from its network infrastructure business Openreach. An Italian accounting scandal caused an estimated 530 million pounds ($710 million) of damage, and in March previous year BT's Openreach service was slapped with a 42 million pound fine.

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In January last year, BT wrote down the value of its Italian unit by £530m after it said it had uncovered years of "inappropriate behaviour". After Friday's announcement, the shares rose by 2.5 percent.

The company has been reeling from an accounting scandal in Italy a year ago and has spent billions on buying football rights to attract customers to its pay-TV channels.

"The recent bagging of more games was even more expensive than previous deals".

"The Board is fully supportive of the strategy recently set out by Gavin and his team".

There are a few reasons why some shareholders have been agitating for a change at the top.

But the subsequent decline in the share price showed investors were not on side. Declining earnings, a prolonged dispute with the telecom regulator over broadband rates, network coverage and control, as well as an accounting scandal in Italy kept piling on hurdles, until the executive's time was up. The decision to overhaul the company was made to cut costs and boost profits as BT invests in 5G technology.



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