Telecoms giant starts search for new CEO

BT is to replace chief executive Gavin Patterson later this year amid waning support for the company’s trajectory.

The telecoms giant expects to have a replacement in place in the second half of the year. Mr Patterson will stay in his role until that time.

BT chairman Jan du Plessis said that while Mr Patterson had the backing of the board, wider support was starting to wane.

He added: “To that end, a number of concrete initiatives have already been launched and Gavin’s commitment to continue to lead the business during this transition phase will provide invaluable continuity.

“While BT is a very demanding business, with multiple stakeholders, we do have significant opportunities ahead of us.”

Mr Patterson’s departure will end a near-five year stint as chief executive, having been at BT for a total of 14 years.

The changeover comes just a month after BT announced plans to axe around 13,000 jobs and exit its BT headquarters in central London as part of a revamped cost-cutting drive meant to help save around £1.5 billion.