Philip Jansen, the chief executive of BT, is reportedly eager to step down and is in the process of devising plans to leave the company. Jansen has been at the helm of the telecoms giant since 2019 and has implemented significant changes during his tenure. In an effort to reduce costs, BT aims to cut between 40,000 and 55,000 jobs by the end of the decade. It is anticipated that Jansen, who is 56 years old, will step aside next year. The company is said to be initiating a formal search for his successor, with an announcement possibly being made this week.
According to sources, Jansen has expressed his dissatisfaction with the company’s share price performance since he took over. Since joining BT, the share price has declined by more than a third, a situation Jansen deems unacceptable. This discontent could be a driving factor behind his decision to leave.
Jansen’s plans to downsize the workforce have faced criticism from unions, particularly due to the potential replacement of approximately 10,000 jobs with artificial intelligence technology. BT’s annual meeting is scheduled for Thursday, and the recent developments regarding Jansen’s departure arise just days before this event.
In addition to executing a major turnaround strategy, Jansen has reportedly encountered challenges within BT’s boardroom. Although the company denied any clashes, there were reports of conflicts between Jansen and former chairman Jan du Plessis. In 2021, du Plessis was replaced by former ITV chief executive Adam Crozier.
The French billionaire Patrick Drahi, who owns Altice Group and holds a 24.5% stake in BT, has also posed a challenge for Jansen. Drahi’s investment was scrutinized by the UK government for potential national security risks, but it was ultimately deemed unnecessary to intervene. Another significant shareholder of BT is Germany’s Deutsche Telekom, whose CEO Tim Hoettges has expressed regret over buying a stake in BT.
Jansen’s strategy has focused on expanding BT’s fiber internet offering throughout the UK. He has diminished some of the initiatives implemented by his predecessor, Gavin Patterson, whose leadership faced skepticism from investors. Jansen’s measures have included the sale of a portion of BT Sport and the merging of BT’s Global and Enterprise units. Additionally, spending is being reduced by an additional £500 million to reach £3 billion annually by the end of 2025.
Jansen’s remuneration will be under scrutiny at the upcoming annual general meeting. In 2022, he received £3.1 million in earnings, including cash and share awards.
The BT Group has stated that succession planning is a regular part of its business operations to ensure preparedness for the future.
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