Home Business BT chief to see £1.1m salary frozen until retirement

BT chief to see £1.1m salary frozen until retirement

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Philip Jansen’s base pay will be held at the level at which it was set when he joined the FTSE-100 telecoms giant in 2019, Sky News understands.
City editor
Wednesday 7 June 2023 18:05, UK
The boss of BT Group is to freeze his £1.1m salary until he retires from the FTSE 100 telecoms operator.
Sky News has learnt that Philip Jansen’s base pay will be maintained at the same level at which it was set when he joined the company in 2019.
City sources said the decision would be set out in BT’s annual report, which is expected to be published as soon as Thursday.
Mr Jansen’s annual salary was fixed for five years upon joining, meaning the existing arrangement was due to expire at the end of this calendar year.
However, an insider said it would be renewed on a rolling basis and would apply until he eventually leaves the company.
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In total, Mr Jansen is understood to have been paid approximately £3m in BT’s last financial year, slightly down on the previous 12 months.
News of the pay decision comes just weeks after BT signalled 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.
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Under Mr Jansen, BT has accelerated its transformation, although its share price performance has led City analysts to speculate that it is vulnerable to a takeover.
The telecoms tycoon Patrick Drahi has built a 25% stake in the company, although he again ruled out mounting a full bid.
The company declined to comment ahead of the publication of its annual report.
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