BT CEO Gavin Patterson will clean out his desk by the end of the year after the telco’s financial results turned out rather bleak.
The telecoms giant announced restructuring plans alongside its yearly numbers – which showed a one percent year-on-year revenue decline during the 12 months ending 31 March 2018. This meant 13,000 jobs to go to save £1.5 billion over the next three years.
BT chairman Jan du Plessis thanked Patterson for his 14-year service to the company, but said that new leadership is needed to work through the restructuring.
“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.”
Patterson, who was a BT board member for 10 years before becoming CEO in 2013, said that he was “immensely proud” of what he had achieved during his time with the organisation, highlighting the launch of BT Sport and the purchase of mobile network EE as key accomplishments.
BT has struggled with increased market competition and dwindling revenues, along with a record £42 million fine from Ofcom and difficulties in its troubled Global Services division.
