Philip Jansen, CEO of Britain’s BT, is planning on standing down within a year, a move that raises questions about the company’s future.
BT is the UK’s largest mobile and broadband provider. According to Telecoms, BT announced that Jansen will step down at an “appropriate moment” within the next year.
“Philip has done an excellent job in his time at BT and the Board is fully supportive of our long-term strategy which he and his team are pursuing. Whilst we are still in the early years of that transformation we are on track to deliver,” said BT Chairman Adam Crozier.
“The succession process to replace Philip is something that the Board was well prepared for. All appropriate candidates are being considered and we expect to be able to update the market on progress over the course of the summer. In the meantime, it is business as usual, and we are focused on executing our plans and delivering for all our stakeholders.”
The announcement raises questions about BT’s future, especially with concerns that it may be a takeover target. Deutsche Telekom holds a 12% stake in the company, and rumors have circulated that it may be interested in acquiring a majority stake.
The company has been working under Jansen to strengthen its footing and strengthen itself against a possible takeover.
“We’ve made a lot of progress over the last four and half years and I’m proud of what we’ve achieved to date. We’re investing heavily in both BT’s and the UK’s future. We’re building like fury, have now passed over 11m homes with fibre, have got 5G service to 68 percent of the country and our customer service is much improved,” Jansen said.
“This is creating a much stronger BT Group which is starting to drive growth for both investors and the UK. But there’s a lot more to do and I am fully committed to driving the business forward until I hand over to my successor.”