Gavin Patterson to step down as BT chief executive | Major Businesses | Business
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After a trying number of quarters where his stewardship was criticised by shareholders for falling revenue and a perceived inability to deliver on corporate objectives, Gavin Patterson is to end his tenure as chief executive of BT at the end of this year.

BT Patterson 8June2018Patterson has been with the UK incumbent telco for 14 years, serving as a member of the Board for the last ten. 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 UK and has now expanded significantly its coverage of the Premier League. His tenure has also seen BT storm back into the mobile arena, consolidating this with the purchase of EE.

The strategy has culminated with the creation of a new converged network vison, bringing together the worlds of broadband, mobile, Wi-Fi and video services in a new Consumer Business Unit comprising BT, EE and PlusNet and which will see the addition of Amazon Prime Video to TV services.

Yet despite the ambition, shareholders have recently been critical of the company's financial performance, in particular for the amounts spent on gaining the aforementioned TV rights. For its fourth quarter ended 31 March 2018, BT posted total revenues of year of £5.967 billion, down 3% on an annual basis, ending the year by banking £23.723 billion, slipping by 1% compared with the end of fiscal 2017. The company also announced that it was axing 13,0 jobs as part of a major cost-cutting exercise.

Commenting on Patterson’s decision, and noting the disquiet among the investor community, BT chairman Jan du Plessis said: “Gavin has been with BT for just over 14 years and I want to thank him for his contribution to our business during that time, in particular during the almost five years that he has served as Chief Executive. The Board is fully supportive of the strategy recently set out by Gavin and his team. 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. To that end a number of concrete initiatives have already been launched and Gavin’s commitment to continue to lead the business during this transition phase will provide invaluable continuity. While BT is a very demanding business, with multiple stakeholders, we do have significant opportunities ahead of us.”