BT chief executive Gavin Patterson to step down

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BT has announced that a change of leadership is needed at the firm and as a result, Gavin Patterson will step down from his current role as chief executive. 

The decision was prompted by a poor reaction to its latests results in which the company made the decision to cut 13,000 jobs

After leading the firm for five years, Patterson will relinquish the role of chief executive once his successor is chosen later this year. He will also not receive his 2018 incentive share plan valued at £3.5m. 

Patterson has been with BT for 14 years and spent 10 of those years as a board member. 

Under Patterson's leadership, BT has made a number of improvements though its share price has been on a steady decline and is now trading at near six-year lows.

The telecom returned to the mobile phone market after acquiring EE from Deutsche Telekom and Orange in a £12.5bn deal and also established itself as a major sports broadcaster by purchasing the rights to air a number of Premier League games.

However, the firm has also been criticised for investing in other areas when many feel that it should have done more to improve the coverage and speed of its broadband network

Patterson was also able to stop BT's Openreach broadband division from being split off into a separate company. 

In a statement regarding the news, Patterson noted that he is hopeful for the future of BT, saying: 

"It's been an honour to lead BT since 2013 and serve as a member of the board for the last 10 years. 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." 

Image Credit: BT