BT’s CEO Gavin Patterson to step down

LONDON (Reuters) – BT Group’s (BT.L) Chief Executive Gavin Patterson will step down later this year after the British telecom company’s chairman said a change in leadership was needed.

FILE PHOTO: Gavin Patterson, CEO of BT, speaks at the Conferederation of British Industry’s annual conference in London, Britain, November 6, 2017. REUTERS/Mary Turner/File Photo

Patterson, who has led BT for almost five years, announced 13,000 job cuts last month in an attempt to address multiple pressures on the business.

But a failure to hit a revenue target and a disappointing outlook for no profits growth for the next couple of years sent its shares down to five-year lows.

Chairman Jan du Plessis said the board was fully supportive of Patterson’s strategy but that a new leader was needed.

“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,” he said.

A search for Patterson’s successor had started, the company said, and it expected to have a successor in place during the second half of the year.

Reporting by Paul Sandle; editing by Guy Faulconbridge

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