BT chief executive to stand down

BT says Mr Verwaayen transformed the business

BT has announced that chief executive Ben Verwaayen is to step down at the end of May, after spending more than six years in the top job.

The UK's largest fixed-line phone company said Mr Verwaayen would be replaced by Ian Livingston, who is currently head of BT's retail arm.

BT chairman Sir Mike Rake said Mr Verwaayen had been "exceptional".

Sir Mike added that Mr Verwaayen had transformed BT from a "deeply troubled" organisation into a thriving business.

'Unanimous choice'

Mr Verwaayen will vacate the chief executive position on 31 May and also stand down from the BT board on 30 June.

Ian Livingston will lead the company from strength to strength when he takes over as chief executive in June Ben Verwaayen Check BT's share price

"Ian was the board's unanimous choice to succeed Ben in June," said Sir Mike.

"He will continue to deliver on a proven strategy."

Mr Verwaayen, 56, earned £1.86m in pay and bonuses during the 2006/07 financial year.

"I have had six exciting years and I am extremely proud of the people in BT," he said.

"Ian Livingston will lead the company from strength to strength when he takes over as chief executive in June."

At the end of Tuesday's trading, BT's shares were up 3.5p at 233.25p.

Mr Livingston, who is from Glasgow, joined BT in April 2002 as group finance director.

He is a non-executive director of Hilton Group plc and Celtic plc.

Before joining BT, he was finance director of Dixons Group plc for five years.

His early career was spent at 3i Group and Bank of America International.