BT chief executive to step down this year

BT chief executive Gavin Patterson to leave at end of year

BT Group chief executive Gavin Patterson will step down later this year with a successor to be named soon after.

Mr Patterson expanded BT beyond its core business by investing in its TV arm and buying football broadcast rights.

Patterson said 15 months ago that BT had been taken aback by the flak it had received about the company's customer service and its networks, and he vowed that its millions of customers would see improvements.

"I've been immensely proud of what we've achieved, in particular the transformation of the business in recent years with the launch of BT Sport, the purchase and integration of EE, and the agreement to create greater independence for Openreach", he said, adding it was an honour to lead the company.

The company has been dealing with the aftermath of an accounting scandal at its Italian division, which resulted in a £530 million write-down and a major fall in its share price a year ago.

Gavin Patterson, who was appointed to the role 2013 and has served on the board for ten years, will continue to serve until a replacement is lined up.

Deutsche Telekom, BT's largest shareholder with a 12 per cent stake, has grown increasingly dissatisfied with Mr Patterson's performance over the past year, partly because of blunders like an accounting scandal in Italy, according to a person familiar with the situation.

More news: Bill Russell opens up about the Kevin Durant MVP handshake snub

The fact that Openreach is still owned by BT and has avoided being spun-out is also a boon for the firm. However, it's been a different story over the last two years.

Following the news of Mr Patterson's departure, BT's shares jumped 3% initially, before dropping back to trade at about 202p.

"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. The first and most important is the share price.

Since Patterson took over the reins in 2013, BT's share price has fallen by 41%.

Under increasing pressure, Patterson announced a radical plan to cut job and save 1.5 billion pounds a year by 2020/21 last month.

"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.

Related News:

  • Dennis Rodman says he will head to Singapore for Trump-Kim meeting

    Dennis Rodman says he will head to Singapore for Trump-Kim meeting

    The Trump administration is hoping that the talks will jump-start a process that eventually sees Kim give up his nuclear weapons. Trump said. " Well, I think that very quickly I'll know whether or not something good is going to happen ".
    The amusing  and heartbreaking trailer drops for HBO's Robin Williams documentary

    The amusing and heartbreaking trailer drops for HBO's Robin Williams documentary

    Martin then acknowledges that Williams, on stage, was "a master", but "off stage, it felt like he was holding himself together". The trailer for Robin Williams: Come Inside My Mind is out and it will leave any Robin Williams fan emotional.

    Twitter reacts to news of Anthony Bourdain’s death

    Guns are used in almost half of all suicides, and ready access to weapons is one of several risk factors. For emergencies that are life-threatening, you should immediately call 911.
  • Taliban orders its first ceasefire in 17-year battle

    Taliban orders its first ceasefire in 17-year battle

    Army General John Nicholson, commander of United States and worldwide forces in Afghanistan, told reporters. The Taliban however did not mention the Afghan government's ceasefire move in their statement on Saturday.
    Kohli Becomes The World’s Highest Paid Athlete

    Kohli Becomes The World’s Highest Paid Athlete

    Lionel Messi and Cristiano Ronaldo both earn around the £80million per year mark, though one star does rank higher than the other. Unfortunately, Serena Williams - the only woman on Forbes 100 Highest Paid Athlete last year - dropped off it this year.
    No MVP no problem for Curry as Warriors rule National Basketball Association  again

    No MVP no problem for Curry as Warriors rule National Basketball Association again

    The Warriors defeated the Cavaliers 108-85 to win the 2018 NBA Finals. The Golden State Warriors only made it look that way. One game at a time may be a sports cliche.
  • Anthem gameplay trailer reveals how quests, combat, and flying work

    As you complete objectives, you return back to the hub to complete your missions and move forward with your individual story arc. Finally, we're getting a better look at BioWare's brand new upcoming game Anthem with a brand new cinematic trailer.
    ‘World’s first psychopath AI’ bot trained by viewing Reddit

    ‘World’s first psychopath AI’ bot trained by viewing Reddit

    The goal of Norman AI is to demonstrate that artificial intelligence can not be unfair and biased unless such data is fed into it. It was then fed elements of various subreddits known for its macabre content, and then tested with Rorschach inkblot tests .
    Why Mercedes is the real Canada favourite - F1

    Why Mercedes is the real Canada favourite - F1

    Sebastian Vettel was pretty happy with his effort to take pole in Montreal - a lap record at Circuit Gilles Villeneuve. We were just trying to figure everything out.
  • Vettel takes Canadian GP pole with lap record

    Vettel takes Canadian GP pole with lap record

    He has already surpassed the seven time champion's overall haul of career pole positions as well as claimed other minor records. Ferrari driver Kimi Raikkonen will line up in fifth with Monaco Grand Prix victor Daniel Ricciardo sixth for Red Bull.
    Nadal prepares for complex Thiem challenge

    Nadal prepares for complex Thiem challenge

    World number one Nadal went into Friday's clash with a 9-5 career record against Del Potro, including all three meetings on clay. The boys' final at the French Open will pit top-seeded Sebastien Baez of Argentina against Chun Hsin Tseng from Taiwan.
    President Donald Trump says he won't invite National Basketball Association  champion to White House

    President Donald Trump says he won't invite National Basketball Association champion to White House

    Trump has used his presidential power seven times in less than 18 months to pardon or commute sentences for federal crimes. The Golden State Warriors and Cleveland Cavaliers meet Friday night in Game 4 of the NBA Finals .


Most liked

Unravel 2 Brings Back The Yarnys
This suggests the likelihood of a co-op play possibly online or on the couch with each player controlling a single Yarny. It appears that ESRB has just leaked the sequel to Unravel that may be announced in a few hours during EA Play 2018.

Lyon Cancel Dealings With Liverpool Over Nabil Fekir Transfer
He had settled on a £140,000-a-week package at Anfield with a five-year contract settled. Whether this represents the actual end of the pursuit of Fekir remains to be seen.

Navarro: Trump Correcting Trade Imbalances with Japan, Germany, Canada
Expressing his frustration, Trump said, " Can't do that. "We're like the piggy bank that everybody's robbing, and it ends", Mr. Later, Trump will fly to Singapore where he is set to meet with North Korean leader Kim Jong Un on June 12.

Eunice Gayson, first Bond Girl ever, dies at age 90
Additionally, Gayson would appear with future Bond girl Diana Rigg in an episode of the British spy series The Avengers in 1966. During filming of Dr No , Gayson helped calm down a nervous Connery so he could say the famous catchphrase " Bond, James Bond ".

LeBron might sign with Rockets, former teammate Bosh says
Smith has reported on "First Take" in the last few days that James will at least speak with Golden State and Boston this summer. Houston had the best record in the 2017-2018 regular season and almost upset the Warriors in the Western Conference Finals.

Kim Jong Un Impersonator Questioned on Arrival in Singapore
On bringing Russian Federation back into the G7: "I think it would be an asset to have Russian Federation back in". And if I think it won't happen, I'm not going to waste my time. "But I think it will take a little bit of time".

Redmond O'Neal, son of Farrah Fawcett, charged with attempted murder
The alleged spree started on May 2 when O'Neal "became angry" because a man "appeared to look at him". Surveillance video showed the suspect walking away shortly after the victim was found, police said.

Yahoo Messenger Is Shutting Down After 20 Years
Oauth, the new parent company of Yahoo and AOL, sold Flickr recently to SmugMug , and shut down AOL Messenger AIM back in 2017 . However, Yahoo Messenger could not keep up with messaging services from competitors such as Facebook , Apple, and Google .

EA announces Sea of Solitude
Kay must explore a partially submerged city in order to find the cure for herself, and possibly everyone else as well. The game will be all about why this happened to her, and how to turn her back into a normal human being.

Chef and longtime television personality Anthony Bourdain has died at age 61
Anthony Bourdain's grief-stricken girlfriend Asia Argento was spotted on June 9 for the first time since his shocking suicide. However, he was known to struggle with drug addiction and had a history of heroin use .

Search for survivors temporarily suspended near Guatemala volcano
Authorities have said the window is closing on the chances of finding anyone else alive in the devastation. Naomi Diaz said the volunteers wanted to pitch in because they saw that people needed help.

6 people killed by erupting volcano in Guatemala
The stratovolcano - a volcano built from layers of ash and lava - "has erupted on and off for centuries", according to the U.S. Cabanas said those who were killed had been overrun by fast-moving burning material discharged by the volcano Sunday.

What to do if you suspect someone is suicidal
The report found that firearms were the most common method of suicide for both those with and without mental illnesses. In 1932, during the Great Depression, the rate was 22 per 100,000, among the highest in modern history.

Chinese government hackers reportedly stole trove of sensitive US naval data
Officials said both the Federal Bureau of Investigation and Navy are investigating the breach, according to the Post . Investigators told the Post that the Chinese Ministry of State Security, a civilian spy agency, carried out the hack.

ZTE to Pay $1.7 Billion Settlement to Come Back to US
The company will also have to keep a team of "compliance coordinators" for the next 10 years, which will be selected by the DoC. ZTE is also required under the new agreement to replace the entire board of directors and senior leadership for both entities.