BT picks fintech leader to succeed Gavin Patterson

BT is to replace outgoing chief executive Gavin Patterson with an outsider, after tapping Philip Jansen, co-chief executive of financial services firm Worldpay, to lead the organisation.

Jansen has been in charge of Worldpay since 2013, overseeing both its 2015 flotation and last year’s merger with eCommerce firm Vantiv. Prior to that he spent time in the cost-sector catering trade at Brakes and Sodexo Group, as well as a spell managing the consumer operations of Telewest, a predecessor of Virgin Media.

“The board is delighted to have appointed Philip as our new chief executive. He is a proven leader with outstanding experience in managing large complex businesses,” said BT Group chairman Jan du Plessis.

“Philip’s strong leadership has inspired his teams, successfully transformed businesses across multiple industries and created significant value for shareholders. His most recent success at Worldpay, a technology-led business, means he is well suited to build on the solid foundations that are in place at BT.”

Jansen said: “BT is a special company with a wonderful history and a very exciting future. It has built a leading position across fixed and mobile networks, creating an opportunity to deliver increasing benefits for our customers, the UK economy and our shareholders.

“In a competitive market, we will need to be absolutely focused on our customers’ needs and pursue the right technology investments to help grow the business. I’m excited to get to know all the people at BT and work together to take the business forward,” he said.

Jansen will by appointed to the BT board as an executive director on 1 January 2019 and will officially take over on 1 February following a handover period. Under BT’s directors remuneration policy, he will receive a base salary of £1.1m per annum, fixed for five years, with the possibility of performance-related bonuses boosting that by up to 240%.