Economy

Patterson out at BT

Patterson out at BT

Chairman Jan du Plessis said: "The board is fully supportive of the strategy recently set out by Gavin and his team".

However investors have been concerned by an accounting scandal and £530 million writedown at the Italian division of BT Global Services and the reaction to a restructuring last month.

BT said in a statement on Friday that it has already started the search for his replacement, noting that Patterson will remain in charge of the company until a successor is found.

"While the markets are likely to receive the news positively (.) it does beg the question as to why the transition was announced after the company launched a fundamental transformation programme flanked by a reorganization of the management structure with new appointees", they said.

Patterson, who served 14 years at the company, five of which as CEO, will stay at the company until BT has appointed his successor. In his time, he has overseen a huge transformation of BT as it made a major expansion into television, principally with BT Sport which is now the exclusive home of the Champions League in the United Kingdom and has now expanded significantly its coverage of the Premier League.

More news: Aletta weakens to Category 3 hurricane

Patterson added: "It's been an honour to lead BT since 2013 and serve as a member of the board for the last ten years".

BT shares, which have lost almost 40 percent of their value since Patterson took over, rose more than 2 percent in early trading, before giving up some of the gains by 1030 GMT.

At the same time, Patterson was embroiled in fractious talks with Britain's telecoms regulator Ofcom about the fate of Openreach, which runs the national broadband network.

Analysts at UBS said the fact that the board supported the strategy suggested no significant strategic changes.

Shares in the company are at a six-year low. The first and most important is the share price. He rose to the position of CEO of BT Retail before becoming group CEO in 2013, after his predecessor Ian Livingston left to become a government minister.


  • Anthony Bourdain Book Is No.1 On Amazon

    Anthony Bourdain Book Is No.1 On Amazon

    Twenty-five states experienced a rise in suicides by more than 30%, according to a government report published this week. He is a fantastic guy and I can not imagine that this is what has happened to him. "We're just floored.
    Jacques Villeneuve calls driving dad's auto  in Montreal parade lap special

    Jacques Villeneuve calls driving dad's auto in Montreal parade lap special

    Daniel Ricciardo took the chequered flag in fourth ahead of Hamilton with Kimi Raikkonen sixth for Ferrari. "To have a Ferrari winning today and me driving it makes me very proud and honored".
    Hamilton looking forward to qualifying on hyper-soft tyres

    Hamilton looking forward to qualifying on hyper-soft tyres

    Gilles is huge for Ferrari and Canada is linked to that name. "I think if I get any more I might headbutt someone". We have a great auto but our whole package is not the best on every single track and we just have to accept that.
  • KINGDOM HEARTS 3 E3 Trailer Dives Into the World of FROZEN

    This was followed up with a new trailer , featuring additions such as worlds based on Frozen and Tangled . Kingdom Hearts III will be heading to Xbox One and PlayStation 4 on 29th January 2019.
    Danny Welbeck: Marcus Rashford

    Danny Welbeck: Marcus Rashford "free to play" for England

    However, the Three Lions could not add any more goals to their tally for the first stanza and took a 1-0 lead into the break. With Jesse Lingard looking a nailed-on starter, the person who Rashford could replace would be Raheem Sterling or Dele Alli.
    U.S.  to Lift Sanctions Against ZTE (After it Pays $1.4B)

    U.S. to Lift Sanctions Against ZTE (After it Pays $1.4B)

    The latest sanction in April was because ZTE lied about disciplining some executives responsible for the original violations. That's because it violated an agreement with the U.S. after it got caught evading sanctions against North Korea and Iran.
  • Lyon say Nabil Fekir transfer negotiations with Liverpool have ended

    Lyon say Nabil Fekir transfer negotiations with Liverpool have ended

    There has also been some speculation that the Frenchman may move after the World Cup, but Lyon's actions today have made that seem less likely.
    Trump grants Alice Johnson clemency following meeting with Kim Kardashian

    Trump grants Alice Johnson clemency following meeting with Kim Kardashian

    Holley told The Blast that she was on the "wonderful, emotional and awesome phone call with Alice , Kim and Alice's lawyers". In an interview with Mic , Kardashian West said she'd been moved by Johnson's story after seeing a video by the news outlet.
    Russian Federation  never asked to be allowed back to G8, Lavrov says

    Russian Federation never asked to be allowed back to G8, Lavrov says

    President Donald Trump has labelled both countries as economic rivals, who challenge the U.S.' core interests and values. German Chancellor Angela Merkel has predicted the G-7 talks will be heated because of the American stance on trade.
  • Former heavyweight champion Fury wins on boxing comeback

    Former heavyweight champion Fury wins on boxing comeback

    ET/PT, delayed on the West Coast) from Staples Center. "I" m very happy with my performance overall, I thought it was very good. As he said from the beginning, it's a process. 'I was going to get in the ring, but then I got high, ' the song begins.
    Google Publishes List Of AI Weapons Apps It Will Not Pursue 06/08/2018

    Google Publishes List Of AI Weapons Apps It Will Not Pursue 06/08/2018

    It also pledged not to work on AI projects contravening "widely accepted principles of worldwide law and human rights". But the company said it will continue to work with governments and the military.
    Ontario businesses seek clarity from populist leader Ford

    Ontario businesses seek clarity from populist leader Ford

    Many polling places have changed and you should not assume that you will be voting at the same polling place as the last election. Furthermore, the Liberal party won't be able to regain official party status until the next election is held four years from now.