BT CEO pay to be frozen until retirement – Sky News

June 7 (Reuters) – BT Group’s (BT.L) CEO Philip Jansen is to freeze his salary of 1.1 million pounds ($1.4 million) until he retires from Britain’s largest telecoms group, Sky News reported on Wednesday.

The BT Group chief’s base pay will be maintained at the level it was set when he joined the company in 2019 and is expected to be published in the telecoms group’s annual report due Thursday, according to Sky News.

The FTSE-100 firm announced plans in May to shed its global workforce by 40%, while Franco-Israeli billionaire Patrick Drahi increased his stake in the firm to 24.5%.

Jansen’s annual salary had been fixed for five years upon assuming the role in 2019, which would have expired this year. His salary was to be renewed on a rolling basis until he eventually left the company, said a source to Sky News.

BT Group did not immediately respond to a Reuters request for comment.

($1 = 0.8030 pounds)

Reporting by Shreyaa Narayanan in Bengaluru; Editing by Krishna Chandra Eluri

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