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LONDON (Alliance News) - Some of BT Group PLC's shareholders have called on the telecommunications company's next chief executive officer to spinning off its network infrastructure arm, Openreach, to create value, the Financial Times reported on Monday.
BT said in June that chief executive officer, Gavin Patterson, will depart but will retain his role until a replacement is found. The move came amid investor pressure due to slim earnings growth and a poor stock performance.
BT Chairman Jan du Plessis, who expects to appoint a new CEO by the end of the year, has said the incoming boss will need to inherit the restructuring plan the company has put in place, including slashing 13,000 jobs, to improve its financial performance, the FT reported.
However, suggesting a more radical approach, shareholders want a break-up that separates Openreach.
One Top-10 shareholder told the FT: "They should analyse the strategy and come back and tell more about what they want to do. It should be their decision, but there is more chance of [a split] happening now with a new CEO and chairman.
"I wouldn't want to be told as a CEO that you can't break it up. You have to be able to add value."
BT told the newspaper: "Openreach is an important part of BT and there are no active plans to sell the business."
https://www.ft.com/content/4add3480-a22d-11e8-85da-eeb7a9ce36e4
