Final humiliation for sacked BT boss Gavin Patterson as shareholders revolt over pay
BT was rocked by a backlash over pay yesterday as Gavin Patterson’s reign as chief executive limped towards its sorry end. At a downbeat annual general meeting in Edinburgh, more than a third of shareholders – or 34.2 per cent – voted against the company’s remuneration report after Patterson was given a £962,000 pay rise. In that time, BT shares have fallen around 30 per cent, wiping £10billion off the value of the company in a bruising setback to shareholders. In May, Patterson unveiled a turnaround plan that included the loss of 13,000 jobs – but just a month later he was axed by new chairman Jan Du Plessis after investors made it clear they had lost confidence in him.