BT poaches Worldpay boss Philip Jansen as new chief executive
BT has hired Worldpay boss Philip Jansen as its new chief executive from 1 January 2019.
In June, BT announced current boss Gavin Patterson would be leaving the company, amid weak investor support following a poor set of results.
In those results, BT revealed it planned to axe 13,000 jobs over a two year period and forecast a 2 per cent dip in revenue for the latest financial year.
New hire: BT has hired Worldpay boss Philip Jansen as its new chief executive from 1 January 2019
Of the 13,000 roles due to be axed, a third of the job reductions will come from outside the UK in the company's Global Services division.
BT has been criticised for failing to plough enough cash into its broadband services to keep up with its competitors and, last year, revealed an accounting error had left its pension deficit underestimated by £500million.
New boss Jansen's remuneration package will consist of a £1.1million base salary, a cash allowance in lieu of pension of 15 per cent of salary and an annual bonus of up to 240 per cent of salary.
He will also bank up to 400 per cent of his salary through a long-term incentive share plan, which vests after three years subject to performance.
He will also trouser £895,848 to make up for shares he will forfeit on leaving Worldpay.
Jansen has been at the helm of Worldpay since 2013, leading it through its flotation in 2015 until its combination with Vantiv in 2017.
He has previously been chief executive and then chairman of Brakes Group and has held a variety of other corporate roles.
Shares in BT are down 0.78 per cent or 1.95p to 248.25p.
Stepping down: Current BT boss Gavin Patterson is stepping down from the company at the end of this year
In a statement, Jansen said: '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.'
Earlier this year, BT's chairman, Jan du Plessis, said that while Patterson had the backing of the board, wider support was starting to wane.
Patterson's departure will end a near-five year stint as chief executive and he has been at the company for 14 years.
Commenting on Jansen's new position,du Plessis, said he was a 'proven leader' with significant experience in managing large complex businesses.
Du Plessis added: 'Philip's strong leadership has inspired his teams, successfully transformed businesses across multiple industries and created significant value for shareholders.'