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

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.


  • Authorities identify woman bitten by alligator

    Authorities identify woman bitten by alligator

    The pond is in a park near the Seminole Hard Rock Hotel & Casino, a major Miami-area tourist and entertainment attraction. According to Florida Fish and Wildlife , the state has averaged five unprovoked alligator bites yearly since 1948.
    Rafael Nadal beats Dominic Thiem for 11th French Open title

    Rafael Nadal beats Dominic Thiem for 11th French Open title

    He is now three grand slam titles short of Roger Federer , the pair having shared the past six slam titles between them. He's the only player to beat Nadal on clay in the past two years - in Rome last year and in Madrid last month .
    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.
  • Canadian firm publishes details on Carbon dioxide  to fuel pilot

    Canadian firm publishes details on Carbon dioxide to fuel pilot

    Carbon Engineering , which has about 40 employees and produces about a tonne of carbon dioxide a day from an experimental plant. However he believes the question of decarbonising aviation and heavy transportation can not be met by electric vehicles alone.
    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.
    Thiem for a change? Or same old Nadal script?

    Thiem for a change? Or same old Nadal script?

    Thiem sent Cecchinato scurrying around the court before breaking decisively for a 6-5 lead with a lovely forehand victor . I have to play my best. "Being in a final here is something I should rejoice about and be happy about", he said.
  • Porsche christens first electric the Taycan

    Porsche christens first electric the Taycan

    The tail-light strip across the rear is the new Porsche signature which stands out thanks to the diffused lighting. Taycan translates roughly to " lively young horse ", referencing the leaping steed in the Porsche crest.
    Trump attacks Canada PM Trudeau on Twitter after G-7 summit

    Trump attacks Canada PM Trudeau on Twitter after G-7 summit

    The US president repeated his call for Vladimir Putin to join the other leaders around the summit table. The G7 includes the United Kingdom, Germany, Italy, Canada, the US, France and Japan.
    Trump withdraws endorsement of G7 joint statement

    Trump withdraws endorsement of G7 joint statement

    President Trump flew to Canada Friday for the G-7 meeting - the first of two high-profile summits on his agenda. In a trade war , Trump told reporters that the United States has nothing to lose.
  • 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.
    Buffett, Dimon urge end to quarterly profit forecasts

    Buffett, Dimon urge end to quarterly profit forecasts

    Buffett and Dimon said they were not opposed to the practice of quarterly and annual reporting that ensures transparency.
    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.