BT Group has announced the appointment of Philip Jansen as CEO. He will join the company and Board as an Executive Director on 01 January 2019, and take over from Gavin Patterson following a handover period on 01 February. The company also announced the appointment of former O2 UK CEO Matthew Key to the BT Board as a non-executive director with immediate effect. Key will also join the Audit & Risk Committee and the Nominating & Governance Committee.
Jansen joins from payments technology group Worldpay, where he will step down as co-CEO at end-2018. Patterson will continue as Group CEO until end-January, presenting the company's third quarter results on 31 January before handing over to Jansen.
Jansen will be paid based on the Directors' Remuneration Policy approved by shareholders in July 2017. As CEO and Executive Director he will receive a salary of GBP 1.1 million per annum, fixed for five years, plus a cash allowance in lieu of pension of 15 percent of salary. The 2018/2019 annual salary will be reduced to reflect him joining during the year. There will also be annual bonus of up to 240 percent of salary subject to performance. One third of the annual bonus will be deferred into BT shares for a further three years.
His package also includes a long-term Incentive Share Plan (ISP) award of 400 percent of salary, which vests after three years subject to performance. Jansen has also committed to investing GBP 2 million in BT shares within 30 days of this announcement. There will also be a buy-out to compensate him for loss of shares being forfeited by leaving Worldpay, with Jansen being awarded 370,798 BT shares with a face value of GBP 895,848.
