BT boss to quit amid signs of investor unease

BT is to part company with chief executive Gavin Patterson amid apparent investor unease about his leadership of the embattled telecoms giant.

The company said Mr Patterson will be stepping down later in the year.

The announcement came a month after Mr Patterson unveiled plans for a revamp of the firm that are expected to result in 13,000 job losses.

BT’S chairman Jan du Plessis said: “The Board is fully supportive of the strategy recently set out by Gavin and his team. 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.”

The company is looking for a successor for Mr Patterson who has been in charge for almost five years.

Shares have been trading at around a six year low since May, when BT reported annual revenues had fallen by 1 per cent to

There is a need for a change of leadership to deliver this strategy

£23.7bn. The shares have fallen by a third in the last 10 months.

In the strategy update issued in May BT said it planned to transform its operating model to help it achieve £1.5bn cost savings amid pressure on revenues. The company highlighted increasing competitive intensity from established companies and new entrants.

Mr Patterson said yesterday the business had been transformed in recent years with the launch of BT Sport, the purchase and integration of the EE mobile operation, and the agreement to create greater independence for the Openreach networks arm.

“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,” he said.

He earned £2.3 million last year.