BT boss reshuffle 'no a sign of trouble'
PUBLISHED: 12:19 06 December 2002 | UPDATED: 13:09 03 March 2010
TROUBLED telecom provider BT today reassured staff in Ipswich that a management reshuffle is not a sign of corporate strife - and would not lead to additional job losses.
TROUBLED telecom provider BT today reassured staff in Ipswich that a management reshuffle is "good news" - and would not lead to additional job losses.
In a document to be published next week, the telecom company will announce that Peter McCarthy-Ward, strategy director for BT Retail will be replacing current managing director Stewart Davies, who will be concentrating on operations at its Martlesham laboratories site.
The Evening Star can reveal that despite the replacement of Mr Davies and despite the companies falling share price, this move would not result in further job losses.
Less than three years ago BT announced it would be pruning down its workforce on an annual cull of jobs at Martlesham.
A BT regional spokeswoman said today that the appointment of Mr McCarthy-Ward would have no further bearing on jobs in Ipswich.
"It will be good news for Ipswich and will have no impact on jobs in the region. This move will champion the region and aim to make it prosperous.
"Jobs in the region are safe and this will have no impact on them. Adastral Park has long been considered the jewel in the crown of the eastern region."
"Stewart Davies is leaving this additional role as he needs to concentrate on work with BTexact."
The troubled telecoms provider, believed to be £13 billion in debt, recently acknowledged that tough market conditions meant it was unlikely to meet its three-year revenue forecast.
A target of between six and eight per cent was predicted but Chief executive Ben Verwaayen recently admitted they would struggle to meet this figure.
BT's share price was today 198p. In May 2001 the figure was £6 per share, one year earlier, in 2000, it stood at £11 per share.