BT boss paid £2.3m weeks after firm reveals 13,000 job cuts

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BT has revealed chief government Gavin Patterson was paid £2.3m for the previous yr, weeks after the corporate introduced it was axeing 13,000 jobs in a bid to chop prices.

Mr Patterson’s pay packet contains his wage, presently £996,825, and a bonus of £1.3m. He was awarded 54 per cent of the utmost bonus achievable (£2.4m), after volunteering to take a smaller payout primarily based on efficiency measures.

You’re the BT boss: how do you repair it? Hearth your self or fireplace 13,000?

In the meantime, Mr Patterson has been given a pay rise, taking his base wage above £1m subsequent yr.

The corporate mentioned in its annual report that the restructuring programme, which can see 13,000 roles lower over three years, will value £800m to implement.

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In the meantime, Mr Patterson was awarded 350 per cent of his wage (£three.5m) underneath the agency’s incentive share plan, which was lowered from a potential 400 per cent of wage “on account of the share worth fall over the earlier yr”, in line with the group.

BT’s shares have fallen 36 per cent over the past 12 months, and have been down 1.6 per cent in afternoon buying and selling on Thursday.

In 2017, Mr Patterson took dwelling £1.35m, considerably lowered from the £5.3m he was paid in 2016, after giving up his complete bonus when the corporate was rocked by an accounting scandal in its Italian enterprise.

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