BT Group (LON:BT.A) has appointed Worldpay’s (LON:WPG) outgoing boss Philip Jansen as its new chief executive, the former telecoms monopoly has said. The move ends the search for a successor to Gavin Patterson who announced his departure earlier this year following investor backlash.
BT’s share price has fallen deep into the red in London this morning, having given up 1.16 percent to 247.30p as of 09:12 BST. The stock is underperforming the broader UK market, with the benchmark FTSE 100 index currently standing 0.37 percent lower at 6,936.95 points.
BT appoints new chief executive
BT announced in a statement this morning that it had appointed Philip Jansen as its new chief executive. He will be appointed to the Board as an Executive Director on January 1 and following a handover period will take over from Gavin Patterson as CEO on February 1.
Jansen joins the former telecoms monopoly from Worldpay where he will be stepping down as co-chief executive at the end of the year. He will take the top job at BT at a sensitive time for the company, which is still struggling in the wake of an Italian accounting scandal in 2017, and remains under pressure to improve its broadband network.
“The Board is delighted to have appointed Philip as our new Chief Executive. He is a proven leader with outstanding experience in managing large complex businesses,” BT’s chairman Jan du Plessis commented in the statement. “I look forward to working with him to position BT at the heart of the UK’s digital economy.”
Matthew Key to join telco’s board
BT announced in a separate statement that Matthew Key, previously CEO of O2 UK, will join the group’s board as a non-executive director and as a member of the Audit & Risk Committee and the Nominating & Governance Committee, with immediate effect. His previous roles include Chairman and Chief Executive of Telefónica Europe and Telefónica Digital, and Finance Director at Vodafone UK and O2 UK. He is currently a non-executive director at Burberry.