BT hires Worldpay’s Philip Jansen as chief executive

BT has hired Worldpay’s Philip Jansen as chief executive

BT has turned to American payment processing provider Worldpay in its search for a new chief executive officer with the appointment of co-chief chief executive Philip Jansen to the role.

Jansen will succeed incumbent Gavin Patterson and is unlikely to enjoy much of a honeymoon period, with a mounting to-do list dominated by the fading fortunes of the telecoms giant. BT has recently been rocked by a £500m accounting scandal, a pensions deficit and accusations that it has under invested in its core broadband network.

The cumulative nature of these failings ultimately forced Patterson out the door when investors lost confidence in his ability to handle crises, paving the way for his successor.

Welcoming the arrival of a ‘proven leader’ to the firm Jan du Plessis, chairman of BT Group, commented: ”Philip's strong leadership has inspired his teams, successfully transformed businesses across multiple industries and created significant value for shareholders.”

For his troubles Jansen will take home a salary of £1.2m per year topped up by an annual bonus of as much as 240% subject to performance. Further incentives are provided by a long-term share plan which could be worth four times salary.

In a bid to steady the ship BT has already embarked on a major cost-cutting programme.

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