BT boss Livingston to take trade minister job

Prime Minister David Cameron has announced that BT's chief executive Ian Livingston will replace Stephen Green as trade minister by the end of 2013. From BT's announcement (release):

I am honoured to have been asked by the Prime Minister to take on the role of Minister for Trade and Investment, with a remit of helping the growth of British companies and the country's future economic success.

Last year Green came under attack after HSBC was found to have laundered money during his time as chairman. He denied knowledge of wrongdoing. BT shares are down on the news, wiping £950m off BT's value.

Gavin Paterson, BT's head of retail, will take the top job at the firm.

Gavin Patterson has served as chief executive of BT Retail and as a BT Board member since 2008, having joined the company as a senior executive four years prior to that. He will take over as chief executive of BT Group in September.

Livingston's nephew: