BT chief executive Philip Jansen to step down

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Announcement comes amid rumours of a takeover bid from Deutsche Telekom.

Article originally published by The Telegraph. Hargreaves Lansdown is not responsible for its content or accuracy and may not share the author's views. News and research are not personal recommendations to deal. All investments can fall in value so you could get back less than you invest.

Published by

11 Jul 2023

BT chief executive Philip Jansen has announced plans to step down amid mounting speculation about a possible takeover bid.

The telecom company said Mr Jansen would leave at an “appropriate moment” within the next 12 months.

The 56-year-old’s planned departure comes as BT steps up workwith advisers Robert Warsaw and Goldman Sachs on a takeover defence, amid rumoured interest from Deutsche Telekom, which holds a 12pc stake in the business as a result of BT’s 2016 takeover of EE.

BT’s shares have slumped nearly 50pc during Mr Jansen’s tenure and the collapsing share price has left the company vulnerable for a possible bid.

Deutsche Telekom’s chief executive Tim Höttges fuelled speculation earlier this year when he said of the company’s stake: “There will be a time when we will do a deal.”

As well as Deutsche Telekom, City observers have wondered whether French-Israeli telecoms billionaire Patrick Drahi could mount a bid after building a 24.5pc stake in BT. However,