Business

BT chief executive Gavin Patterson to leave post later this year

BT chief executive Gavin Patterson to leave post later this year

Chairman Jan du Plessis said: "The board is fully supportive of the strategy recently set out by Gavin and his team".

Patterson, who served 14 years at the company, five of which as CEO, will stay at the company until BT has appointed his successor.

Analysts say Patterson's exit is mainly due to the company's poor share price performance.

BT shares, which have lost almost 40 percent of their value since Patterson took over, rose more than 2 percent in early trading, before giving up some of the gains by 1030 GMT.

BT said last month that sales dropped 1% in the year ended March 31, while profits dropped 2%.

"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".

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.

More news: Actor Vince Vaughn Arrested At DUI Stop In California
More news: Watch the EA E3 2018 press conference live right here on Saturday
More news: Woman injured by bison in Yellowstone National Park after getting too close

The telco has begun the search for a replacement and Patterson will remain in post until a successor has been found, most likely in the second half of 2018.

Mr Patterson has been seeking to reboot BT since a profit warning early previous year, and told investors last month that it will take until 2021 for a return to profit growth as the company reorganises.

But the victories were eclipsed by problems, led by a fraud had left a 530-million pound black hole in its Italian business. It would cost £800 million ($1.1 billion) to implement.

Patterson was also embroiled in fractious talks with Britain's telecoms regulator Ofcom about the fate of Openreach, which runs the national broadband network.

"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.

He will continue in his role until the new boss is named.

But the subsequent decline in the share price showed investors were not on side.


  • Kingdom Hearts III E3 2018 Frozen trailer

    Confirmed worlds include Big Hero 6 , Toy Story , Tangled , Monsters, Inc ., and the returning Olympus Coliseum world. Nomura also said that we'll get more information about Kingdom Hearts 3 - including a few new trailers - at E3 2018.
    First Man poster unveils Ryan Gosling as astronaut Neil Armstrong

    First Man poster unveils Ryan Gosling as astronaut Neil Armstrong

    The biopic will be set between 1961 and 1969, depicting the years leading up to NASA's Apollo 11 mission. Ryan Gosling takes on First Man , based on the book First Man : The Life of Neil A.
    Sea of Solitude E3 Trailer Released

    Sea of Solitude E3 Trailer Released

    Kay must explore a partially submerged city in order to find the cure for herself, and possibly everyone else as well. Sea of Solitude was originally announced at the tail end of 2016 with nothing but a piece of concept art.
  • Hurricane Aletta grows to Category 4

    Hurricane Aletta grows to Category 4

    Hurricane Aletta is centered about 500 miles south of Mexico's Baja Peninsula and is tracking west-northwest away from land. Hurricane Bud formed in the Pacific Ocean west of Mexico on Sunday even as former Hurricane Aletta was fading.
    Trump's Rationale for Uninviting the Eagles to the White House is Flawed

    Trump's Rationale for Uninviting the Eagles to the White House is Flawed

    The NFL Players Association, the union that represents the NFL players, disagreed with the White House's decision. This isn't the first time Trump has "uninvited" a team to the White House .
    Unravel 2 is out now

    Unravel 2 is out now

    The rating page also reveals a lack of a Switch release for the game, as it's only been rated for PC, PS4, and Xbox One . Interestingly, this new game comes with co-op, allowing two players to enjoy all that overwhelming cuteness together.
  • Nadal battles through cramp to claim French Open crown

    Imperious Nadal won a record-extending 11th French Open title with a 6-4 6-3 6-2 victory over young pretender Dominic Thiem . However, it was not all smooth sailing for Nadal on Sunday, as he started suffering cramps on his left hand in the third set.
    John Beilein Announces He’s Staying At Michigan

    John Beilein Announces He’s Staying At Michigan

    He said Beilein pulled himself from consideration after speaking separately with Gores and Detroit management personnel. MI won a team-record 33 games in 2017-18 and reached the national championship game before falling to Villanova.
    Hamilton says record-tying seventh Canada GP win may be tougher

    Hamilton says record-tying seventh Canada GP win may be tougher

    Even with a diminished power unit Hamilton can not be overlooked on one of his favourite tracks. That is my only concern. "I want to win races and I'm sure it will come".
  • Bourdain hanged himself with bathrobe belt

    Bourdain hanged himself with bathrobe belt

    According to the Times , Ripert told Bourdain's mother, Gladys, that her son had been "in a dark mood these last couples of days". At the time , Wang was in college and had no idea who Anthony Bourdain was, but he would never forgot him afterwards.
    Merkel warns over trade issues ahead of 'tough' G7 talks

    Merkel warns over trade issues ahead of 'tough' G7 talks

    There is "no sense in papering over divisions" at June summit, German chancellor tells parliament. She said she would try to discuss differences with the US over Iran and trade tariffs with Trump.
    Yahoo Messenger to shut down in July after 20 years

    Yahoo Messenger to shut down in July after 20 years

    Oath took this opportunity to remind everyone about Yahoo Squirrel , which is an invite-only group messaging app , now in beta. While users can download the data to your device, it appears that porting the history to another app won't be an option.