BT Group has kicked off a formal search for a successor to Philip Jansen, its chief executive, as he weighs a number of job opportunities in the US.
Sky News has learnt that BT is working with the search firm Spencer Stuart on a process to identify a successor to Mr Jansen, who took on the role in 2019.
City sources said this weekend that Mr Jansen had signalled to BT’s board that he was likely to step down at some point in 2024.
An announcement about the succession process could be made within weeks and potentially as early as next week, when BT holds its annual general meeting, they added.
Mr Jansen is understood to be undecided about whether to continue his executive career or pursue chairmanship roles.
In recent days, there has been speculation that he could return to Worldpay – the payments group he ran prior to his appointment at BT – after its $18.5bn (£14.4bn) purchase by the private equity firm GTCR.
One source said Mr Jansen had also recently turned down an offer of a CEO role at a major US technology company.
Investors’ attention will turn to the likely candidates to succeed Mr Jansen, with BT’s board said to have been engaged.
A number of external figures are already said to have been approached by Spencer Stuart, while frontrunners are expected to include Marc Allera, who runs BT’s consumer business, and Alison Kirkby, the boss of Swedish telecoms group Telia Company.
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Ms Kirkby is already a non-executive director on the board of BT.
Image: An announcement about the succession process could be made within weeks. Pic: BT Group
Mr Jansen’s departure will come roughly five tumultuous years after he took up the post, replacing Gavin Patterson.
The BT chief is said by people close to the company to be disappointed at the performance of its shares during his tenure, with the stock closing on Friday at 122.5p, giving it a market capitalisation of just over £12bn.
There has been growing speculation about a takeover bid for BT, prompting the board – led by chairman Adam Crozier – to hire defence advisers.
Patrick Drahi, the French-Israeli billionaire, controls roughly 25% of BT, having built the stake through his vehicle Altice UK during the last two years.
The government would carefully scrutinise any foreign bid for the company, given its critical role in Britain’s national infrastructure.
Deutsche Telekom, the German telecoms giant, also holds a 12% stake in BT, and has indicated its interest in a future deal of some kind.
Mr Jansen has engineered a reshaping of the company, announcing that its workforce would shrink by as many as 55,000 people by the end of the decade amid a boom in artificial intelligence and as its full-fibre broadband rollout comes to an end.
He has sanctioned an acceleration of its investment in high-speed broadband, setting a target of connecting 25 million homes by the end of 2026.
He has also crunched its underperforming Global and Enterprise units together to form a single division, BT Business.
Last month, Sky News revealed that Mr Jansen’s £1.1m salary would be frozen until he retired from the company.
The decision was subsequently confirmed in its annual report.
UK car production fell by more than a quarter (27.1%) last month as a cyberattack at Jaguar Land Rover halted manufacturing at the plant, industry figures show.
The total number of vehicles coming off assembly lines – including cars and vans – fell an even sharper 35.9%, according to September data from the Society of Motor Manufacturers and Traders (SMMT).
“Largely responsible” for the drop was the five-week pause in production at Jaguar Land Rover (JLR) due to a malicious cyber attack, as other car makers reported growth.
JLR’s assembly lines in the West Midlands and Halewood on Merseyside were paused from late August to early October as a result.
During this time, not a single vehicle was made. Production has since restarted, but the attack is believed to have been the “most financially damaging” in UK history at an estimated cost of £1.9bn, according to the security body the Cyber Monitoring Centre.
It was the lowest number of cars made in any September in the UK since 1952, including during the COVID-19 lockdown.
More on Cyber Attacks
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3:53
Are we in a cyber attack ‘epidemic’?
Despite the restart, the sector remains “under immense pressure”, the SMMT’s chief executive Mike Hawes said.
The phased restart of operations led to a small boost in manufacturing output this month, according to a closely watched survey.
Of the cars that were made, nearly half (47.8%) were battery electric, plug-in hybrid or hybrid.
The vast majority, 76% of the total vehicles output, were made for export.
The top destinations are the European Union, US, Turkey, Japan and South Korea.
JLR was just the latest business to be the subject of a cyberattack.
Harrods, the Co-Op, and Marks and Spencer, are among the companies that have struggled in the past year with such attacks.
Championship club Sheffield Wednesday have filed for administration, according to a court filing, which will result in the already struggling side being hit with a 12-point deduction.
The South Yorkshire club currently sit bottom of the Championship, the second tier of English football, with just six points from 11 games.
Known as The Owls, Wednesday are one of the oldest surviving clubs in world football, with more than 150 years of history.
Court records confirm the club have filed for administration. A notice was filed at a specialist court at 10.01am.
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2:58
Sky’s Rob Harris reports on the news that Sheffield Wednesday have filed for administration
What has happened?
The Owls, who host Oxford United on Saturday, have been in turmoil for a long time.
On 3 June, owner Dejphon Chansiri, a Thai canned fish magnate who took over the club in 2015, was charged with breaching EFL regulations regarding payment obligations.
Image: Sheffield Wednesday fans protest the ownership at a game away to Leeds United in January. Pic: Reuters
Weeks later, Mr Chansiri said he was willing to sell the club in a statement on their official website.
Image: Sheffield Wednesday’s troubles have sparked furious protests from fans. Pic: PA
Their crisis deepened just days later when another embargo was imposed on the club relating to payments owed to HMRC, before players and staff were not paid on time on 30 June.
In the months that followed, forwards Josh Windass and Michael Smith left the club by mutual consent. Manager Danny Rohl, now at Rangers, also left by mutual consent.
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2:12
Frustrated Sheffield Wednesday supporters have targeted their embattled club’s owner in a highly-visible protest during their opening match of the season.
The Owls were forced to close the 9,255-capacity North Stand at Hillsborough after a Prohibition Notice was issued by Sheffield City Council.
‘Current uncertainty’
On 6 August, the EFL released a statement, saying: “We are clear that the current owner needs either to fund the club to meet its obligations or make good on his commitment to sell to a well-funded party, for fair market value – ending the current uncertainty and impasse.”
On 13 August, the Prohibition Notice was lifted, but a month later, news emerged of a winding-up petition over £1m owed to HMRC.
Last season, Wednesday finished 12th. They had already been placed under registration embargoes in the last two seasons after being hit by a six-point deduction during the 2020/21 campaign, for breaching profit and sustainability rules.
With a 12-point deduction, the Owls would be 15 points away from safety in the Championship.
Doing well were computer and telecommunications retailers as the iPhone 17 launched in the month, while online jewellers reported strong demand for gold despite the price hovering around record highs.
Gold has been in demand, and in recent days reached a record high, as some investors moved money out of the US dollar and government bonds amid the ongoing government shutdown.
It came despite a rainy month – which typically keeps shoppers at home – and a five-day tube strike in London.
The impact of the rain could be seen, however, in the boost to online spending, which rose to one of the highest levels since the end of the pandemic.
A fall was recorded in food shop sales from August to September, signalling a response to high food price inflation.
A good week for the economy?
Retail sales figures are significant as they measure household consumption, the largest expenditure in the UK economy.
Growing retail sales can mean economic growth, which the government has repeatedly said is its top priority.
Earlier this week, another key economic measure came in better than expected.
Inflation remained at 3.8% rather than rising to the widely expected 4% – double the target rate set by the interest rate-setters at the Bank of England.
Consumers were feeling better about their finances, a closely watched measure of consumer confidence showed on Friday.
Buying sentiment is up from last month, according to market research company GFK, as intentions to buy big-ticket items like electrical goods and furniture rose.
Combined, it suggests people are not feeling too gloomy in the run-up to the November budget.