Philip Jansen

As announced on 8 January 2024, Philip Jansen stepped down as Chief Executive and from the BT Group Board on 31 January 2024 but remains an employee of the group until 30 June 2024 and will make himself available to Allison Kirkby on request to ensure an orderly and effective handover.

Philip’s remuneration arrangements on his departure are in accordance with the terms of his employment contract and BT Group’s directors’ remuneration policy, as approved by shareholders at the Annual General Meeting in July 2023.

He will continue to receive his salary and contractual benefits until his termination date.

As he remains in employment for the full financial year, he will be eligible for an annual bonus (to be paid fully in cash) under the FY24 bonus scheme but will have no entitlement to any annual bonus under the FY25 bonus scheme.

As Philip is retiring from executive life, he will be treated as a good leaver in respect of his outstanding awards under BT Group’s long-term incentive plans. Accordingly, the remaining tranches of his 2020 restricted share plan award and the 2021 and 2022 restricted share plan awards will be capable of vesting on their original vesting dates after years three, four and five and will remain subject to the two-year holding period and, on vesting, will be pro-rated to reflect his period of service through to the termination date. Philip did not receive a 2023 restricted share plan award.

Philip’s 2021, 2022 and 2023 deferred bonus awards (1,512,224 shares plus any dividend equivalents if paid) will vest in full in accordance with their original timeframes.

Philip is required to hold BT shares with a value of 500% of his base salary (or to retain his actual shareholding immediately prior to his termination date, if lower) until the second anniversary of his termination date.

He will receive no compensation or payment for the termination of his employment contract or his ceasing to be a director of the company or any other group company, although BT will pay independent advisor fees of £45,000 and £100 for reconfirmation of customary post-employment restrictions on working for competitors.

Full details of Philip’s remuneration arrangements for FY24 will be published in due course in the Report on Directors’ Remuneration contained in BT Group’s Annual Report 2024. Vesting and payment of the deferred awards and any vesting of his 2021, 2022 and 2023 restricted share plan awards will be disclosed, as required, in the appropriate directors’ remuneration report.