BT to cut 4,000 jobs, CEO takes pay cut

BT on Thursday cut CEO Gavin Patterson's annual pay packet, announced 4,000 redundancies, and lowered its financial outlook, as it grapples with the Italian accounting scandal, and weakness in the domestic public sector and international corporate markets. Patterson will receive £1.3 million (€1.54 million) for the year to 31 March, down from £5.3 million in the previous year. Outgoing finance chief Tony Chanmugam has had his annual pay cut to £258,000 from £2.