Outgoing BT boss Philip Jansen blames UK investors’ short-term prospects on falling share price
Quitting: outgoing BT boss Philip Jansen
Outgoing BT boss Philip Jansen has blamed the short-term prospects of British investors for a falling share price.
Jansen, who announced his departure last week, said he was “not perfect” but believed markets were “cruel” to long-term growth plans.
He had set his sights on a rapid expansion of the telecom giant’s fiber internet offerings in the UK, which were proving increasingly expensive due to high interest rates and labor costs.
To boost this, Jansen planned to cut 40,000 to 55,000 jobs by 2030.
He removed flagship products such as the £600 million sale of part of BT Sport to Warner Bros Discovery and the merger of its Global and Enterprise arms.
But shares are down more than a third in the past 12 months and more than 45 percent in the past five years.
Shareholders fully support the strategy, they’re just disappointed there aren’t enough people buying the shares and [the market] is focused on short-term cash flow, and I accept that is brutal,” Jansen told The Sunday Times.
He added: “I think the evidence is that UK public markets, especially compared to the US, seem to be more short-term focused.”
Policymakers have been trying to boost the city’s appeal amid an ongoing exodus.