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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...