BT share price: CEO’s pay package rises to £2.3m

Gavin Patterson volunteers to have his bonus capped

BT share price: CEO’s pay package rises to £2.3m

BT Group’s (LON:BT.A) chief executive Gavin Patterson has landed £2.3 million for the telco’s last financial year, the company has disclosed. The news comes after the former telecoms monopoly recently updated investors on its annual performance, reporting a fall in revenue and announcing plans to axe about 13,000 jobs over the next three years.

BT’s share price has jumped in London in today’s session, having added 2.61 percent to 208.45p as of 14:37 BST, and outperforming the broader UK market, with the benchmark FTSE 100 index currently standing 0.02 percent lower at 7,715.39 points. The telco’s shares have lost a little over a third of their value over the past year, as compared with about a 2.6-percent rise in the Footsie.

BT boss lands £2.3m

BT revealed in its annual report published yesterday that its chief executive Gavin Patterson had received a total of £2.31 million for the financial 2017/18 year, up from £1.35 million for the prior-year period. The rise in Patterson’s pay package is mostly on account of an annual bonus of £1.29 million. The report further revealed that his bonus would have been larger had he not volunteered to have it capped.

“The committee welcomed and agreed the chief executive’s proposal to cap the outcome of the financial and non-financial measures at target, taking into account the underlying financial and operating performance of the business during the year,” the remuneration committee’s chair Tony Ball said in the report.

CEO met targets

“This has been a challenging year for the company but good progress has been made in a number of key areas,” a BT spokesman told the Guardian. “Gavin’s total remuneration for the year was £2.3 million, as a result of targets being met for customer service improvement and cash flow.”

As of 15:15 BST, Friday, 25 May, BT Group plc share price is 208.40p.

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