BT CEO Jansen plans to step down over the next 12 months

BT, the British telecommunications company, announced on Monday that it has commenced the search for a new CEO. Philip Jansen, the current chief executive, informed the board of his intention to step down within the next twelve months at a suitable time.

Jansen has successfully guided the largest telecommunications and internet service provider in the nation during a pivotal moment in its timeline. He managed to secure the necessary funds to implement a nationwide fiber network expansion, all while billionaire investor Patrick Drahi acquired a significant 24.5% ownership interest in the company.

He also recently shared his future plans for BT, stating that it might reduce more than 40% of its employees after finishing the installation of fiber optic cables and adjusting to advancements like artificial intelligence.

"We are making substantial investments in the future of BT and the UK," Jansen expressed in a written statement. "We are constructing ardently, having surpassed 11 million households with fiber, and have successfully extended 5G coverage to 68% of the nation. Additionally, our customer service has experienced significant enhancements."

This is establishing a significantly more robust BT Group that is now beginning to stimulate progress for both shareholders and the United Kingdom.

Jansen, a previous leader of Worldpay, assumed control of the helm at BT in February 2019. Its stocks have experienced a 36% decline this year, primarily due to the increment in interest rates.

Chairman Adam Crozier stated that the board was well equipped to handle the succession process to fill the position left by Philip.

We are currently evaluating all suitable individuals and anticipate providing market updates regarding our progress throughout the summer.

Reported by Sarah Young; Edited by Kate Holton and Sachin Ravikumar