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BT chief Philip Jansen freezes £1.1 million salary until retirement

By Nagasunder in UK Business & Employment News, posted June 8, 2023

BT CEO Philip Jansen has decided to freeze his annual salary at £1.1m until his retirement from the FTSE 100 telecommunications company.

Jansen's base pay will remain unchanged from the level set when he joined BT in 2019, as confirmed by city sources.

The announcement of this decision is expected to be included in BT's upcoming annual report, scheduled for publication later this week.

Initially, Jansen's annual salary was fixed for a period of five years, which meant the existing arrangement was due to expire at the end of this calendar year.

However, insiders have revealed the salary freeze will now be renewed on a rolling basis and will continue until Jansen eventually departs from the company.

During the last financial year, Jansen reportedly received a total payment of approximately £3m, slightly lower than the previous year.

This news about his salary comes shortly after BT's recent announcement of a significant reduction in its workforce, with up to 55,000 employees expected to depart by the end of the decade.

The company's workforce downsizing is a response to the growth of artificial intelligence and the completion of its full-fibre broadband rollout.

Under Jansen's leadership, BT has been undergoing a transformative phase, although its share price performance has raised concerns among City analysts, who speculate it could become a potential target for a takeover.

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Telecoms tycoon Patrick Drahi has acquired a 25 percent stake in the company, but he has ruled out launching a full bid.

BT declined to provide further comments ahead of the release of its annual report.

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