Major BT investor ‘wants Gavin Patterson to be replaced’, says paper

By:
Alan Burkitt-Gray
Published on:

Daily Telegraph quotes unnamed ‘top 20’ investor wanting new leadership for BT

Investors in BT are turning against CEO Gavin Patterson, with one significant shareholder calling for his replacement, according to a UK newspaper.

The Daily Telegraph said this morning that what it described as “a top 20 investor” wants “new leadership in the next year” for BT.

The report, by the paper’s chief business correspondent Christopher Williams, says the unnamed shareholder “controls a stake in BT worth hundreds of millions of pounds”.

The paper quotes the investor saying “with the benefit of hindsight, Gavin Patterson was not the right man for the job”.

The report says the investor added: “What BT actually needed was a guy who could take on the regulator, not a retailer and marketer. A lot of what has gone wrong has not been Gavin’s fault but we’d like to see progress on a process and new leadership in the next year.”

The shareholder wants BT to be led by “an external candidate with a regulatory and preferably also an engineering background”, says the Telegraph. However, the shareholder appears not to want an immediate change, especially as the company gets a new chairman, Jan du Plessis, in November.