Blueprint
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
Date of
Announcement: 01 February
2019
BT Group plc
(Translation
of registrant's name into English)
BT
Group plc
81 Newgate Street
London
EC1A 7AJ
England
(Address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form
20-F..X...
Form 40-F
Indicate
by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information
to the Commission pursuant to Rule 12g3-2(b) under the Securities
Exchange Act of 1934.
Yes
No ..X..
If
"Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82-
________
1 February 2019
Section 430(2B) Companies Act 2006 disclosure in relation to
departing director
As announced on 25 October 2018, Gavin Patterson stepped down as
Chief Executive and from the BT Board on 31 January
2019.
Gavin will be paid in accordance with the terms of his employment
contract and BT's directors' remuneration policy, as approved by
shareholders in 2017.
He will continue to receive his salary and contractual benefits
until the end of his notice period being 25 October
2019. Notice was served on 25 October 2018 following the
announcement of his successor. These pro-rated payments will
total £777,489 salary and fees, £15,000 benefits and
£203,000 pension allowance. Should Gavin wish to take on
another role during the notice period, he will forfeit any payments
owed to him as part of his outstanding notice period.
Customary restrictions on working for competitors are in
place.
He will be eligible for an annual bonus (cash and deferred shares)
under the 2018/19 bonus scheme. Any bonus paid would be
pro-rated to reflect his period of service as Chief
Executive.
Gavin will be treated as a good leaver in respect of his
outstanding awards under BT's long-term incentive plans.
Accordingly, his 2016 and 2017 incentive share plan awards will
vest on their original vesting date to the extent that the
performance conditions are met and, on vesting, would be pro-rated
to reflect his period of service as Chief Executive. He did not
receive a 2018 incentive share plan award.
Gavin's 2016 and 2018 deferred bonus awards (248,763 shares plus
any dividend equivalents if paid) will vest in full in accordance
with their original timeframes. He did not receive a 2017
deferred bonus award.
He will receive no compensation or payment for the termination of
his service contract or his ceasing to be a director of the company
or any other group company, although BT will pay outplacement fees
of up to £40,000 and legal fees of up to
£9,000.
Full details of Gavin's remuneration arrangements for 2018/19 will
be published in due course in the Report on Directors' Remuneration
contained in BT's Annual Report & Form 20-F 2019. Vesting
and payment of the deferred awards and any vesting of his 2016 and
2017 incentive share plan awards will be disclosed, as required, in
the appropriate directors' remuneration report.
Ends
Enquiries
|
Press office:
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Tom
Engel
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Tel:
020 7356 5369
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Investor relations:
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Mark
Lidiard
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Tel:
020 7356 4909
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About BT
BT's purpose is to use the power of communications to make a better
world. It is one of the world's leading providers of communications
services and solutions, serving customers in 180 countries. Its
principal activities include the provision of networked IT services
globally; local, national and international telecommunications
services to its customers for use at home, at work and on the move;
broadband, TV and internet products and services; and converged
fixed-mobile products and services. BT consists of four
customer-facing units: Consumer, Enterprise, Global Services and
Openreach.
For the year ended 31 March 2018, BT Group's reported revenue was
£23,723m with reported profit before taxation of
£2,616m.
British Telecommunications plc (BT) is a wholly-owned subsidiary of
BT Group plc and encompasses virtually all businesses and assets of
the BT Group. BT Group plc is listed on stock exchanges in London
and New York.
For more information, visit www.btplc.com
Signatures
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
BT Group plc
(Registrant)
By: /s/
Dan Fitz, Company Secretary
--------------------
Dan
Fitz, Company Secretary.
Date
01 February
2019