BT Cuts 4,000 Jobs, CEO's Pay After Italy Accounting Scandal
- The carrier lowered its free cash flow and dividend outlook
- BT to take 300 million pound restructuring charge after review
BT's CEO Won't Be Taking Bonus for 2016/17
This article is for subscribers only.
BT Group Plc is clawing back management pay and eliminating 4,000 jobs as it seeks to rebuild investor confidence and overhaul the division involved in an accounting scandal in Italy.
The cuts involve scrapping bonuses for Chief Executive Officer Gavin Patterson and former Chief Financial Officer Tony Chanmugam for the 2017 fiscal year, BT said Thursday as it released fourth-quarter results that narrowly beat analysts’ estimates. The company also reduced its outlook for 2018 normalized free cash flow and dividend growth.