BT share price: Former O2 boss emerges as candidate for CEO role

Telco continues search for successor to Gavin Patterson

BT share price: Former O2 boss emerges as candidate for CEO role

Former O2 chief executive Ronan Dunne has emerged as a candidate for the top job at BT Group (LON:BT.A), The Telegraph has reported. The news comes as the former telecoms monopoly continues its search for a successor to Gavin Patterson who is stepping down this year following investor backlash, having been at the helm of the company for just under five years.

BT’s share price has jumped in London in today’s session, having added 2.14 percent to 222.00p as of 13:10 BST. The stock is outperforming the broader UK market, with the benchmark FTSE 100 index currently standing 0.92 percent higher at 7,500.92 points. The group’s shares have lost a little over 23 percent of their value over the past year, as compared with a near one-percent gain in the Footsie.

Ex-O2 boss in line for top job

The Telegraph reported last night that Ronan Dunne, who now works in the US at the head of the telecoms giant Verizon’s mobile arm, had visited the UK in recent days. Sources told the newspaper that his visit included discussions with BT as it seeks a new chief executive to replace Gavin Patterson.

He is understood to be in the running for the top job at the former telecoms monopoly months after Verizon surprised investors by promoting its chief technology officer Hans Vestberg to chief executive.

Hunt for new boss continues  

BT remains looking for a new boss and The Telegraph reports that the search for a successor to Patterson is ­understood to be in advanced stages, with other rumoured candidates including Dominique Leroy, the CEO of the Belgian telecoms operator Proximus. Last month, news emerged that the FTSE 100 company had also approached Lord Carter, the former Ofcom boss, to succeed Patterson.

As of 13:46 BST, Monday, 03 September, BT Group plc share price is 221.90p.

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