BT chief Jansen to see £1.1m wage frozen till retirement

The boss of BT Group is to freeze his £1.1m wage till he retires from the FTSE 100 telecoms operator.

Sky News has learnt that Philip Jansen’s base pay shall be maintained on the similar stage at which it was set when he joined the corporate in 2019.

City sources stated the choice could be set out in BT’s annual report, which is predicted to be revealed as quickly as Thursday.

Mr Jansen’s annual wage was fastened for 5 years upon becoming a member of, which means the present association was because of expire on the finish of this calendar yr.

However, an insider stated it might be renewed on a rolling foundation and would apply till he finally leaves the corporate.

In complete, Mr Jansen is known to have been paid roughly £3m in BT’s final monetary yr, barely down on the earlier 12 months.

News of the pay resolution comes simply weeks after BT signalled that its workforce would shrink by as many as 55,000 folks by the tip of the last decade amid a increase in synthetic intelligence and as its full-fibre broadband rollout involves an finish.

Under Mr Jansen, BT has accelerated its transformation, though its share worth efficiency has led City analysts to take a position that it’s weak to a takeover.

The telecoms tycoon Patrick Drahi has constructed a 25% stake within the firm, though he once more dominated out mounting a full bid.

The firm declined to remark forward of the publication of its annual report.