While U.K. telco BT continues to struggle and miss financial targets, the company said BT CEO Ian Livingston, who has been with BT for about a year, will receive a bonus equal to about $550,000 for meeting environmental goals, improving customer service and delivering on other aspects of his contract terms. Meanwhile, no one else in senior management (particularly in the troubled Global Services unit) is getting bonuses and most pay raises are being skipped this year, according to multiple published reports.
Livingston reportedly is converting his bonus into BT stock shares. Meanwhile, former BT CEO Ben Verwaayen, who now leads Alcatel-Lucent, received a termination payment and bonus payment collectively worth more than three times the bonus paid to Livingston. These reports come just days after BT said it would shed 15,000 jobs. The company also said it would focus on repairing its Global Services unit in-house rather than trying to spin off the group.
For more:
- The Times Online has this story [1]
Related article
BT recently confirmed more job cuts [2]
Links:
[1] http://business.timesonline.co.uk/tol/business/industry_sectors/telecoms/article6371999.ece
[2] http://www.fiercetelecom.com/story/bt-plans-15-000-job-cuts-losses-mount/2009-05-14