BT share price: Telco approaches ex-Ofcom chief for top job

BT share price: Telco approaches ex-Ofcom chief for top job
Written by:
Alice Young
March 11, 2020

BT Group (LON:BT.A) has approached Lord Carter, the former Ofcom boss, to succeed Gavin Patterson as chief executive, Sky News has revealed. Patterson is due to step down later this year, having been at the helm of former telecoms monopoly for just under five years, following investor backlash. 

BT’s share price has been subdued in London in today’s session, having given up 0.40 percent to 222.45p as of 10:10 BST. The stock is marginally underperforming the broader UK market, with the benchmark FTSE 100 index currently standing 0.13 percent lower at 7,601.78 points. The group’s shares have lost a little over a quarter of their value over the past year, as compared with about a three-percent gain in the Footsie.

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BT approaches Lord Carter

Sky News reported yesterday that BT had sounded out Lord Carter, the former Ofcom boss who currently runs the FTSE 100 exhibitions operator Informa (LON:INF), as a potential successor to its outgoing chief executive Gavin Patterson.

One friend of Lord Carter, however, indicated to the newswire that although he had been approached about the job, he was ‘not a candidate’ and ‘not part of any [recruitment] process’. The source nevertheless suggested  that he might yet be persuaded to take the top job at the former telecoms monopoly during the coming months.

Chief executive search continues

Sky News reports that other candidates for the role include Olaf Swantee, the‎ former chief executive of EE, the mobile phone operator acquired by BT three years ago, as well as Alison Kirkby, chief executive of Swedish telco Tele2.

People close to the company have told the newswire that BT chairman Jan du Plessis, who is overseeing the search for a new CEO, is keen to announce an appointment by the end of October.

As of 10:38 BST, Wednesday, 15 August, BT Group plc share price is 221.45p.