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BT : Finance Chief Chanmugam To Step Down

02/06/2016 | 08:31am US/Eastern

The long-serving finance director of value="LSE:BT.A" idsrc="xmltag.org">BT Group is preparing to step down within months of the telecommunications regulator delivering its verdict on the company's structure.

Sky News has learnt that value="APIN:1169073248">Tony Chanmugam, who has held the role since 2008, is expected to hand over the reins later this year.

An announcement about his retirement is expected within weeks, according to a source close to BT, who added that his successor was likely to be recruited from another of the UK‎'s largest companies.

Egon Zehnder, the executive search firm, has been leading the hunt for Mr Chanmugam's replacement, the identity of whom was unclear on Saturday.

The new BT finance chief will play a key role in the integration of EE, the mobile phone group whose takeover was completed last week.

The acquisition of EE propelled BT back into the value="LC/gb" idsrc="xmltag.org">UK mobile market, adding more than 25 million subscribers at a time when media and telecoms services providers are increasingly converging.

Under the new structure announced by value="APIN:3130478637">Gavin Patterson, BT's chief executive, a new value="LC/gb" idsrc="xmltag.org">UK-focused business and public sector division will operate alongside another focused on international customers; a mobile-only unit will include EE, while another will provide broader consumer services.

A wholesale division will include value="ACORN:3329326517" idsrc="xmltag.org">Openreach, the group which controls value="LC/gb" idsrc="xmltag.org">Britain's fixed-line network and which a number of rivals have called to be carved out of BT's ownership.

value="ACORN:1124619844" idsrc="xmltag.org">Ofcom, the industry regulator, is reviewing the issue of value="ACORN:3329326517" idsrc="xmltag.org">Openreach's ownership and is expected to reach a judgement within months.

BT, which competes for telecoms and pay-television customers with value="LSE:SKY" idsrc="xmltag.org">Sky plc, the owner of Sky News, saw its shares close on Friday at 475.9p, giving it a market value of more than £47bn.

Prior to holding the group finance director's role, Mr Chanmugam ‎performed the same role at BT's retail arm and a division of the company serving multinational customers.

A BT spokesman declined to comment this weekend.

(c) Sky News 2016, source Sky News

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