News
U.K. incumbent reportedly likely to hire external candidate as Tony Chanmugam’s replacement.
BT on Monday confirmed it is looking for a new finance chief following reports that group finance director Tony Chanmugam is stepping down.
"BT confirms that a search process has commenced to find a successor but that no formal decision has been taken on a replacement or around the potential timing of any change," said BT. "BT will make a further announcement if and when required."
The statement was issued after Sky News reported on Saturday that Chanmugam plans to leave BT later this year, and that the telco is likely to recruit his successor from another large U.K.-based company.
Chanmugam was promoted to group finance director of BT in December 2008, replacing Hanif Lalani, who was named CEO of BT Global Services. Prior to that, Chanmugam was CFO of BT Retail.
Following his appointment, Chanmugam set about aggressively cutting costs, setting an initial target of saving £1 billion in fiscal 2009 but later raising it to at least £1.5 billion. The cost-cutting plan led to 15,000 redundancies.
Last week, reported third-quarter revenue growth of 3% year-on-year, generated £4.59 billion (€6 billion). EBITDA was also up by 3% to £1.61 billion.
