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BT chief executive Gavin Patterson to step down

BT chief executive Gavin Patterson to step down

Business
Gavin Patterson is to step down as the chief executive of BT as frustrated investors pushed for change. Mr Patterson has been under pressure from shareholders to improve the company's stock performance, which has almost halved over the last two years.Last month, the BT said it would cut 13,000 jobs over the next three years as part of a restructuring plan to focus on ultrafast broadband and next-generation mobile phone services. Since taking on the role in 2013, Mr Patterson has splashed billions on buying football rights to attract customers to its pay-TV channels. He also spent £12.5bn to buy mobile phone operator EE in 2016.But the company failed to meet its financial performance targets and forecast flat profit growth over the next few years.A number of issues took...
Sony chief executive Kazuo Hirai to step down

Sony chief executive Kazuo Hirai to step down

Technology
Sony's chief executive Kazuo Hirai is stepping down and handing the reins over to finance chief Kenichiro Yoshida.Mr Yoshida, Sony's chief financial officer, is to take over control of the Japanese electronics giant from 1 April.Mr Hirai will remain at Sony as chairman.Mr Yoshida and Mr Hirai have been instrumental in turning Sony around to focus on smartphone image sensors.Under their efforts, the Japanese electronic giant sold off its struggling PC business and launched the successful PlayStation 4 video game console, which has sold more than 60 million units to date. Sony said its profits quadrupled in the three months to December.The Japanese electronics giant reported a record profit of 351 billion yen ($ 3.2bn, £2.5bn) for the quarter, compared with 92.4 billion yen in the same perio
Ex Volkswagen executive jailed in US amid diesel scandal

Ex Volkswagen executive jailed in US amid diesel scandal

Business
A former Volkswagen executive has been sentenced to seven years in prison and a $ 400,000 (£298,778) fine, after admitting he helped the firm evade clean-air laws.Oliver Schmidt, 48, is the second person to receive jail time in the US over the diesel emissions scandal.Volkswagen first admitted in September 2015 that it had used illegal software to cheat US emissions tests. It has spent as much as $ 30bn to address US claims.US prosecutors say Volkswagen installed special software in certain diesel vehicles that allowed them to perform better during emissions tests than they did under normal driving conditions. VW emissions cheat bill hits $ 30bnVolkswagen: The scandal explainedVW papers shed light on emissions scandalDiesel cars: What's all the fuss about?The emissions were sometimes 30 ti
Uber hires new chief executive from internet giant

Uber hires new chief executive from internet giant

Technology
Uber has picked former Expedia boss Dara Khosrowshahi as its new chief executive to lead the firm out of a nearly year-long crisis.Mr Khosrowshahi will take on the tasks of repairing frayed relations with investors and making the business profitable after seven years of losses.He replaces co-founder Travis Kalanick, who was ousted in June over concerns about his behaviour.Image:Travis Kalanick's was ousted from the top job in JuneThe taxi company's board of directors voted to pick Mr Khosrowshahi on Sunday, but an announcement has not yet been made publicly.A Silicon Valley outsider, Mr Khosrowshahi beat chairman of General Electric Jeff Immelt to the top job.He also fought off competition from Hewlett Packard Enterprise chief executive Meg Whitman, who was a leading candidate, according t...
Uber executive leaves as critical report looms

Uber executive leaves as critical report looms

Technology
A senior Uber executive has left the company a day before the results of a far-reaching inquiry into the firm's management and workplace culture are made public.Emil Michael, a senior vice president, is stepping down from the cab-hailing business and a Reuters report suggests Uber chief executive Travis Kalanick is also likely to take a leave of absence.On Sunday, the board voted unanimously to adopt all of the recommendations made by a law firm hired to investigate deep-seated cultural problems at Uber, which has been rocked by allegations of sexual harassment, bullying and discrimination.Image:Travis Kalanick has previously acknowledged concerns about his management styleThe recommendations made by former attorney general Eric Holder are set to be released on Tuesday.Last week, Uber fire...