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British Gas firm’s shares at 21-year low as boss to step down

British Gas firm’s shares at 21-year low as boss to step down

Business
By James Sillars, business reporter Shares in British Gas parent Centrica are trading at levels not seen since 1998 after it reported a slew of negative news and said its chief executive was to go.Iain Conn, the company said, would "step down" next year following an "exceptionally challenging" period. The announcement was made alongside financial results which showed Centrica had swung to a £446m loss in the first six months of the year compared with profits of £704m in the same period last year.It blamed a string of problems including the impact of the price cap on default energy tariffs, warm weather and a further bleeding of 178,000 customers from its British Gas arm.Centrica said Mr Conn had "agreed with the board" to remain in post "to drive the r
TSB boss Paul Pester to step down after IT fiasco

TSB boss Paul Pester to step down after IT fiasco

Business
TSB chief Paul Pester is to step down after seven years in charge, in the wake of a major IT failure at the bank.In April this year, customers were left without access to online banking services for several weeks when an attempt to move data to a new computer system went wrong.The bank is still struggling to get its IT systems to work properly.On Monday, it apologised to customers who faced disruption to their online and mobile banking over the weekend.Following Mr Pester's departure, TSB chairman Richard Meddings will take on the role of executive chairman until a new chief executive is appointed.Mr Meddings said: "Although there is more to do to achieve full stability for customers, the bank's IT systems and services are much improved since the IT migra...
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...