BT Group is currently in search of a new finance chief to take over from the experienced executive who joined the FTSE-100 telecoms company almost ten years ago.
Sky News has learned that Simon Lowth, who joined from BG Group in 2016, is getting ready to step down within the next 12 months.
Sources within the industry have indicated that Allison Kirkby, who became BT’s chief executive last year, has started meeting potential candidates to replace Mr. Lowth.
An appointment could be made later this year, they added.
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As of Monday, the identities of those in contention to succeed Mr. Lowth were unclear.
Mr. Lowth’s retirement will coincide with Deutsche Telekom and the Indian billionaire Sunil Bharti Mittal collectively owning more than a third of BT’s shares.
Their respective plans for their stakes could influence the company’s future in the medium term, particularly with Openreach – BT’s infrastructure division – speeding up its deployment of full-fibre broadband across the UK.
BT stated: «As part of its regular operations, the BT board engages in succession planning to ensure it is adequately prepared for the future.»
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The company has chosen not to provide details on the process of selecting Mr. Lowth’s successor.
On Monday morning, BT shares were trading around 198.7p, giving the company a market value of approximately £20bn.