Telecoms group BT today said chief executive Ben Verwaayen will step down at the end of May after more than six years at the helm.
His position will be taken by Ian Livingston, who is currently chief executive of BT's retail arm.
BT chairman Mike Rake described Mr Verwaayen as an 'exceptional' chief executive and said he had transformed BT from a 'deeply troubled' organisation into a thriving business.
Before joining BT Group, Mr Verwaayen had been with Lucent Technologies since September 1997. The 56-year-old Dutchman, who does not have another job to go to, earned £1.86m in pay and bonuses in the 2006/7 financial year.
Mr Livingston joined BT as group finance director in 2002, before taking over as chief executive of BT Retail in 2005. Under his leadership, BT said the division had returned to growth and sharply increased profitability.
Mr Rake said Mr Livingston, who is 43, was the board's unanimous choice to succeed Mr Verwaayen.
