BT CEO Gavin Patterson steps down

BT CEO Gavin Patterson steps down

The UK group said in a statement on Friday that Gavin Patterson would leave his job later this year.

The process to appoint a successor is already underway with BT confident it will be in a position to announce a replacement over the coming months as it readies for a period of significant change.

Jan Du Plessis, chairman, said the board was "fully supportive" of Patterson's strategy but added that the "borader reaction" to the recent results announcement demonstrated that there is a need of leadership to deliver the strategy.

BT's Italian arm was guilty of improper accounting practices and "inappropriate behaviour" previous year, resulting in the company taking a £225m hit after paying Deutsche Telekom and Orange to avoid legal action over the issue.

Patterson said it had been "an honour" to lead BT.

Patterson's exit also follows major restructuring at BT.

In January last year, BT wrote down the value of its Italian unit by £530m after it said it had uncovered years of "inappropriate behaviour".

Simona Halep surges back against Sloane Stephens to win French Open
She improved to 3-0 against her longtime pal and Fed Cup teammate Keys, including their US Open final last September. Now, she once again looks like a world beater, and a player who can cause Halep plenty of problems in the final.

Under Patterson's leadership, though, the FTSE 100 group has stumbled from one issue to another over the past 18 months or so, during which time its share price has nearly halved.

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

Neil Wilson, chief market analyst for Markets.com, said: "The expensive move into football rights was a mistake and evidence that management lacked focus under Patterson".

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.

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

Gavin Patterson has been at BT for 13 years and spent the last decade on its board, which intends to replace him in the second half of 2018. He was appointed chief executive of the BT Group in 2013. Throughout that time 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.

Related News:

  • Isolated Kim taking big gamble leaving home for Trump summit

    Isolated Kim taking big gamble leaving home for Trump summit

    He is expected to land at a military air base in Singapore later in the day. Trump reiterated his promise Saturday that the U.S.

    Release Date Confirmed for February 22, 2019 - Anthem

    There will be paid for cosmetics and vanity items, but there will not be any no loot boxes or pay-for-power options. Finally, we're getting a better look at BioWare's brand new upcoming game Anthem with a brand new cinematic trailer.
    Yahoo Messenger to be Shut Down on July 17, 2018

    Yahoo Messenger to be Shut Down on July 17, 2018

    In place, the company is encouraging users to sign up for Squirrel , which the company has been quietly beta-testing since May. The most notable among them was the Unsend feature, which allowed users to retrace their footsteps and undo sending messages.
  • Hands On Unravel Two With Coldwood's Martin Sahlin

    Hands On Unravel Two With Coldwood's Martin Sahlin

    Despite the game having a big multiplayer focus, it can now only be played in local multiplayer. Just like its predecessor, Unravel 2 will be published under the EA Originals banner.
    Mayweather, Messi, Ronaldo top Forbes' richest athletes list

    Mayweather, Messi, Ronaldo top Forbes' richest athletes list

    According to the reports, the top-100 athletes are from 22 different countries and 11 different sports. The magazine expanded the list in 2010, and since then at least one woman has been included.
    Canadian Grand Prix: Mercedes delay new engine over ‘quality issues’

    Canadian Grand Prix: Mercedes delay new engine over ‘quality issues’

    If the four times world champion wins again on Sunday he will equal Michael Schumacher's record of seven victories in Montreal . Another went even further, putting the Ferrari slogan Forza Ferrari alongside a GIF of a Mercedes Benz auto ornament.
  • Formula One: Vettel takes Canadian GP pole with lap record

    Formula One: Vettel takes Canadian GP pole with lap record

    I think the highest minimum speed is 140kph, so we knew coming here it would be hard and the characteristics would be a problem. Verstappen completed the 2.71-mile (4.36-km) lap at the Circuit Gilles Villeneuve in 1 minute, 13.302 seconds.
    IOS 12 Will Help You Fight Your iPhone Addiction

    IOS 12 Will Help You Fight Your iPhone Addiction

    And perhaps most importantly, grouped notifications will allow you to swipe and clear a whole group of notifications all at once. However, the new iOS 12 will not be available until September, when Apple will announce the new iPhones at its press event.
    Kevin Durant named NBA Finals MVP

    Kevin Durant named NBA Finals MVP

    His eighth appearance in a row didn't go well either, and now there's uncertainty where the superstar will play next. Sources told ESPN that the injury was the result of him punching a blackboard in the locker room after that game.
  • Bison gores Yellowstone visitor

    Bison gores Yellowstone visitor

    Frank said the park can't say with certainty if the number of wildlife injuries has necessarily gone up or down in recent years. Some of the visitors got even closer, agitating the bison and provoking it to cross the boardwalk and charge into Hancock.
    Scientists At MIT Create A

    Scientists At MIT Create A "Psycopath" AI By Feeding It Graphic Images

    For example: a standard AI saw a "black and white photo of a small bird" where Norman saw a "man gets puled into a dough machine". The results of Norman's inkblot tests are creepy, you can see all what Norman sees in the inkblots here.
    Thiem for a change? Or same old Nadal script?

    Thiem for a change? Or same old Nadal script?

    Both men are at stages in their career that have previously been points of great decline for the greats who came before them. Thiem sent Cecchinato scurrying around the court before breaking decisively for a 6-5 lead with a lovely forehand victor .


Most liked

'First Man': Ryan Gosling is Neil Armstrong in biopic
In the amusing interview, Ryan appeared to be annoyed by the questions that Jimmy was asking. The film will reportedly focus on Armstrong's life from 1961-1969.

Justify completes Triple Crown dream at Belmont Park
The track won't be sloppy in Elmont, New York , with mostly sunny conditions expected at race time . Justify has won the Belmont Stakes to claim the 13th Triple Crown in the history of horse racing.

Trump casts North Korea summit as 'one-time shot' for Kim Jong Un
He also ridiculed Kim in a speech at the UN General Assembly as "Little Rocket Man" who in turn called Trump a "dotard". Mike Pompeo said Thursday that Kim Jong-un had personally assured him that, "he is prepared to denuclearize.

U.S. Strikes Deal to Help China's ZTE, Commerce Secretary Says
The company will also have to keep a team of "compliance coordinators" for the next 10 years, which will be selected by the DoC. Oclaro got 18 per cent of its business from ZTE previous year , while 30 per cent of Acacia's total revenue was from ZTE.

Donald Trump says Russian Federation should be be allowed to rejoin G7
Trump said he stood up his G7 allies who were angry over US steel and aluminum tariffs imposed against Canada, Europe and Mexico . But German Chancellor Angela Merkel said the European Union members attending the summit all agreed it should not happen.

United States oil request won’t stop stockpiles dwindling - Goldman Sachs
WTI crude into a steep discount versus Brent to more than $11 per barrel, its steepest since 2015. Brent crude futures fell 45 cents to $76.87 a barrel by 13:33 GMT.

New Jersey senators unveil legislation to legalize marijuana
Elizabeth Warren of MA , said in a statement that Washington 'needs to get out of the business of outlawing marijuana'. For example, the sale of marijuana would be prohibited at rest areas and truck stops, according to a bill summary.

Ghana to dissolve football association over bribery allegations
FIFA have given Nyantakyi a 90-day ban from all football related activities with immediate effect. However, parts of its rules is that governments should not interfere in football administration.

Golden State Warriors Win NBA Championship, Beat Cavs 108-85
Thompson had all 10 of his points in the third period, during which Golden State outscored the Cavaliers 25-13. "Even when you do defend them well, they've got guys like Steph and KD who can make unbelievable shots".

China Hacks Navy Contractor, Steals Submarine Data
USA officials believe China has for years carried out hacking attacks on the US military, the US government and US companies. The Post said that those behind the breach are alleged to have obtained secret plans for a supersonic anti-ship missile.

U.S. Special-Operations Member Killed in Somalia
Friday's attack in Jubaland is likely to put renewed scrutiny on America's counterterror operations in Africa. That was believed to be the first death of a U.S. soldier in Somalia since the 1993 Black Hawk Down disaster.

Elections Ontario warns Ottawa-Vanier voters to double-check polling location
Des Granges said e-poll books help process voters, while tabulators "help automate the counting process for the poll workers". Everyone else? They used the vote-by-mail and drop box system set in place for the county over the 28-day election period.

Trump, G6 leaders exchange barbs
This is how British Prime Minister Theresa May described Trump's latest tariffs on steel and aluminum coming out of Europe. Canada has flatly rejected welcoming Russian Federation back to the G7 fold, pointing to its annexation of Crimea.

Titanfall developer working on Star Wars: Jedi Fallen Order
Zampella said that it would be during the "dark times" and that naturally, players will pick up a lightsaber during the game. Zampella added that the game will be set during the "dark times" between Episode III and Episode IV of Star Wars .

LaLiga President: We Would Overcome Cristiano Ronaldo's Exit
The Record concluded that Ronaldo aims to remain in Europe, with France, Italy and England as his most likely destination. Neymar only signed for PSG last summer but transfer talk is rife he could leave for Manchester United or Real Madrid .