BT’s CEO Ben Verwaayen stepped down from his role yesterday after revealing the company had increased underlying profits by 3 per cent, taking the total to £5.78bn.

Leading the company for six years, 56-year old Verwaayen has been praised for making the telecoms company an increased success during his six years in management. He is due to be taken over by previous BT Retail boss, Ian Livingston at the end of this month.

The strong quarter results left BT shares up two per cent after profit exceeded expectations. The number of broadband end users was marked as a highlight with a total of 12.7 million at March 31, 2008 of which BT’s retail share was 25 per cent. BT retail continues its reign as Britain’s most popular broadband provider with over £1 billion of contracts signed in the quarter.

Ben Verwaayen commented on the fourth quarter results:
“We have finished the year in style with a strong fourth quarter performance. BT is in great shape with year on year growth in revenue…It has been a fantastic privilege to work with so many great people over the past six and a half years. I am extremely proud of what they have achieved and I believe BT has a great future.”

Source: BT PLC

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