BT chief executive to step down

Source: Stock Market Digital

Date :08/04/2008 08:51:01

BT Group Plc has said chief executive Ben Verwaayen (pictured) will step down at the end of May after more than six years at the helm.

His position will be taken by Ian Livingston, who is currently chief executive of the telecoms group’s retail arm. Mr. Livingston, who joined BT as group finance director in 2002, will take over from long-standing chief executive Ben Verwaayen on June 1.

Mr Verwaayen will leave the board at the end of that month.

Thriving

BT chairman Sir Mike Rake described Mr Verwaayen as an "exceptional" chief executive and said he had transformed BT, Britain's biggest fixed-line telecoms provider, from a "deeply troubled" organisation into a thriving business.

During his six-year span, Mr. Verwaayen has transformed BT from a company reliant on the UK telecoms market into a global enterprise that derives a large proportion of its revenues from IT and consulting services.

It is also a major player in the British broadband sector and recently launched its own IPTV service.

Mr Verwaayen said today: "I have had six exciting years and I am extremely proud of the people in BT. Without them the company’s recent success would not have been possible."

BT shares closed at 229.75 pence on Monday, valuing the business at about £18 billion.

April 08, 2008