Jul 11, 2018

BT investors show the door to Patterson’s parting pay rise

BT shareholders, by contrast, appear to have told chief executive Gavin Patterson not to let the door hit him in the arse on the way out. BT chairman Jan du Plessis, who declared himself "Disappointed" by the shareholder vote, had initially supported Mr Patterson, on the grounds that there was no "Genius" who could come in and solve all of BT's problems: from accounting, to regulatory pressures, to staff costs. That led less-generous BT staff to agree that Mr Patterson was no genius. So is BT being too hasty in showing Mr Patterson the rapidly closing door? To certain other people - who appear to hold somewhere between 3.5 and 34 per cent of BT's shares - no. Since Mr Patterson took over in 2013, BT's share price has dropped by 40 per cent, to the level it stood at when Peter Bonfield was overseeing old phone boxes in 1996.

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