Belfast Telegraph

BT chief loses bonus after Italian scandal

By Ravender Sembhy

BT boss Gavin Patterson has been stripped of his annual bonus after an accounting scandal at the firm's Italian division, with the beleaguered company also announcing 4,000 job cuts.

The group said Mr Patterson would receive a total pay packet of £1.3m for the period, down from £5.3m the previous year.

BT's share price and profits have been dented as a result of the scandal - first revealed in January - which also saw BT's European head, Corrado Sciolla, leave the group.

The company's remuneration committee has also decided outgoing finance chief Tony Chanmugam will not receive a bonus, with his total pay dropping to £258,000 from £2.8m.

Belfast Telegraph

Weekly Business Digest Newsletter

This week's business news headlines, directly to your inbox every Tuesday.