BT awards chief Gavin Patterson £1.95m in shares

Charlotte Henry
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BT chief executive Gavin Patterson
BT chief executive Gavin Patterson yesterday took home 416,719 shares, as part of an incentive package.

The shares were priced at £4.69, meaning Patterson’s bonus came to a total value of £1.95m.

Other senior executives to benefit included group finance director Tony Chanmugam, who received 391,131 shares, and Luis Alvarez, the chief executive of BT Global Services, who was awarded 130,497 shares.

Overall more than 1,000 staff, including Patterson, benefited from the scheme, which included a pool of shares that totalled £78m.

The amount of shares vested against pre-defined targets. 67.4 per cent of the shares vested, as stretch targets in both revenue and free cash flow were missed.

A company spokesman said: “BT is a much better and stronger company than it was three years ago and this is reflected in the share price. It is generating strong cash flow and delivering higher profits and dividends at the same time as making substantial investments for the future.”

Shares in BT Group are trading at a 15-year high, and ended the day at 467.95p, a rise of 0.7 per cent.

It recently bought mobile provider EE,  for £12.5bn.

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