4th Jun 2018 09:26
LONDON (Alliance News) - "Worn out" BT Group PLC shareholders have called for a meeting with the company's chairman to discuss the future of chief executive Gavin Patterson, the Financial Times reported.
The final straw appears to have been the ongoing collapse in the company's share prices since January 2017. On Monday, the newspaper reported that it had spoken a BT shareholder who said Patterson was on his "last chance".
Other BT shareholders told the Financial Times that they were critical of Patterson's handling of the company - particularly its relationship with its regulator.
"There have been a number of mistakes along the way. They seem to chop and change a lot, which raises questions about the longer term strategy," a shareholder told the newspaper.
All in all, the Financial Times said it spoke to five of BT's top 20 investors who were critical of Patterson. Other complaints included his involvement in an accounting scandal, the company's dropping revenue, a hefty regulator fine, and what was seen as excessive spending on football rights.
"Shareholders are worn out," one investor told the newspaper.
The company did not comment but the Financial times reported that at a meeting with a top 10 investor, Chairman Jan du Plessis had "stressed that he supported Patterson and the management team".
Shares in BT Group were up 0.8% at 207.74 pence on Monday morning.
Related Shares:
BT