Five out of BT’s top 20 shareholders have voiced their dissatisfaction with Mr Patterson’s stewardship to the FT, with some requesting a meeting with BT’s chairman Jan du Plessis, to discuss options going forward.
BT’s shares hit a peak of £4.998 per share on the 27thNovember 2015, but have collapsed to £2.082 as of the 4thJune 2018.
Mr Patterson has been charged with transforming the UK’s former state owned incumbent operator into a leaner, more competitive animal.
This has involved sharpening BT’s focus on converged services, an initiative that was spearheaded by BT’s acquisition of EE for £12.5 billion in 2016.
Last month BT’s Consumer Division announced plans for its hybrid Smart Network, which will offer seamless connectivity across WIFI, fixed and mobile network architecture, allowing the company to offer ultra reliable, high speed connectivity to its customers.
BT has also pledged to have a fully commercialised 5G product in the market place by the end of 2019 – significantly sooner than most of its European neighbours.
While Mr Patterson has launched a range of initiatives that should see BT reinvigorate itself over the coming years, it remains to be seen how much more time the company’s key shareholders are prepared to give Mr Patterson, before they insist on seeing an improvement in BT’s share price. – Total Telecom