BT announces the departure of its boss

British telecoms group BT, in the midst of restructuring and recently announcing deep job cuts, on Monday announced the imminent departure of its managing director Philip Jansen.

“Philip Jansen has informed the Board of Directors of his intention to step down at the appropriate time within the next twelve months,” the company announced in a press release, without giving further details on the reasons for leaving.

And according to Britain’s Sky News, Jansen is “evaluating a number of job openings in the US.”

The company’s statement said the succession process is already underway and the company plans to provide details “on progress over the summer.”

The British phone group, which has already begun to cut costs in a difficult economic context, announced in May that it would cut up to 55,000 jobs by 2030 – 42% of the total 130,000 employees working for the group.

BT has already been implementing a £3bn cost-cutting plan since 2020. The company specified in May that it was on track “with £2.1bn in total savings”.

Adam Crozier, BT Chairman, confirmed the quote in a press release.

The group saw turnover fall 1% to £20.7bn from the annual financial year to the end of March, despite a 4% increase for its subsidiary Openreach, which is responsible for fiber deployment in the UK.

Meanwhile, its net profit has increased sharply, by 50%, but this is primarily due to an exceptional tax credit related in part to the sale of BT Sports, as part of a joint venture with Warner Bros. Discovery. Its profit before taxes fell 12% to 1.7 billion pounds.

BT shares lost 0.98% to 121.05p on Monday shortly before 08:00 GMT on the London Stock Exchange.

The British press also reported speculation in the sector about a possible takeover bid for BT, noting in particular the German telecoms giant, Deutsche Telekom, which already owns 12% of the shares.

Billionaire Patrick Drahe owns nearly 25% of the group, and is its largest shareholder, but has repeatedly stressed that he has no intention of launching a public takeover bid.


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