Sunday, 24 June, 2018

BT boss Gavin Patterson to step down

Patterson has served as chief executive for five years Jonathan Symcox 8:00am 8th Jun 2018 Patterson has served as chief executive for five years
Orlando Vargas | 11 June, 2018, 07:42

Until such time, Patterson will continue to serve as Chief Executive. In his time, he has overseen a huge transformation of BT as it made a major expansion into television, principally with BT Sport which is now the exclusive home of the Champions League in the United Kingdom and has now expanded significantly its coverage of the Premier League.

BT shares spiked following the announcement.

During his tenure, he oversaw the launch and expansion of BT Sport, the £12.5 billion acquisition of EE, and the separation of Openreach into an independent company.

The move comes just weeks after Patterson announced a major restructuring plan which would see BT move out of its London HQ after 150 after three years and 13,000 employees, or around 13 per cent of BT's global workforce, axed over the next three years in a bid to cut costs amid tumbling revenues. That led to Mr Patterson losing most of his bonus for 2017. According to Sky News, Patterson has splashed billions since taking office in 2013 on buying football rights to attract customers.

The company's board has begun a search for his successor.

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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.

Patterson became managing director of BT's consumer division in 2004, prior to that he had been in charge of the nascent TV operation.

"The new chief executive is expected to start later this year, and with the shares at a six-year low, steadying the ship will be their first task", said Khalaf.

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 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".

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