BT chief executive Gavin Patterson to leave at end of year
11 June, 2018, 07:37 | Author: Brooke Harris
BT Group chief executive Gavin Patterson will step down later this year with a successor to be named soon after.
Patterson, who served 14 years at the company, five of which as CEO, will stay at the company until BT has appointed his successor.
Jan du Plessis, the chairman of BT, said: "The Board is fully supportive of the strategy recently set out by Gavin and his team".
Patterson added: "It's been an honour to lead BT since 2013 and serve as a member of the board for the last ten years".
BT's Italian arm was guilty of improper accounting practices and "inappropriate behaviour" past year, resulting in the company taking a £225m hit after paying Deutsche Telekom and Orange to avoid legal action over the issue.
Patterson said he was "immensely proud" of what had been achieved at the former telecoms monopoly, including a multi-billion pound move into sports broadcasting, buying Britain's biggest mobile operator EE and a hard-won agreement to create greater independence for its networks business Openreach. After his departure was announced, the shares were up by 1.2 percent. He had missed out on a bonus in the previous year after a number of setbacks.
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The bad news continued when Ofcom fined BT a record 42 million pounds for service failures.
The company's last financials saw a three per cent drop in fourth-quarter revenue to £5.967 billion with core earnings rising one per cent to £2.083 billion.
But the subsequent decline in the share price showed investors were not on side.
As well as its financial performance BT has been consistently criticised for its service level in broadband and overall customer service.
"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.
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