(Alliance News) - BT Group PLC announced on Monday that its Chief Executive Philip Jansen has announced his intention to step down from his role, at the appropriate moment, over the next twelve months.

The announcement confirmed a Sky News report on Saturday, that said Jansen had been considering multiple offers for positions in the US.

BT, the London-based telecommunications company, said its nominations committee of the board has started the formal succession process in preparation for Chief Executive Jansen's departure.

Chief Executive Jansen re-shaped the company by announcing a reduction in the workforce by 55,000 employees by the end of the decade, and investing in high-speed broadband; setting a target of connecting 25 million homes by the end of 2026.

The company is working with the London-based search firm Spencer Stuart to identify a successor to Jansen, who took on the role of chief executive in 2019.

BT Chair Adam Crozier said: "The success process to replace Philip is something that the board was well prepared for. All appropriate candidates are being considered, and we expect to be able to update the market on progress over the course of the summer."

An announcement about the succession process could be made within weeks, with BT's annual general meeting next week.

"We're investing heavily in both BT's and the UK's future. We're building like fury," said Chief Executive Philip Jansen.

"This is creating a much stronger BT group which is starting to drive growth for both investors and the UK. But there's a lot more to do and I am fully committed to driving the business forward until I hand over to my successor."

Shares in BT Group were down 0.5% at 121.60 pence in London on Monday morning.

By Will Neill, Alliance News reporter

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