BT Group PLC BTGOF CEO Philip Jansen has informed the Board of stepping down from the position at 'an appropriate moment' over the next 12 months.
The Board has started the formal search for a new CEO.
"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," said Adam Crozier, Chairman.
In May, BT Group disclosed cutting the global workforce by around 55k to between 75k-90k (vs. 130k presently) over FY28-FY30.
Price Action: BTGOF shares closed higher by 2.30% at $1.555 on Friday.
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