News 

Verwaayen will step down as chief executive after six years in the role on 31 May, leaving the board on 30 June.

"Ben has been an exceptional chief executive, whose courage and leadership has transformed BT from being a deeply troubled organisation into a thriving business with global capability and a clear strategy for the future," says
BT chairman Sir Mike Rake.

"Ben has done more than anyone else to make Britain the most competitive broadband market in the world."

Verwaayen helped stabilise BT after it accumulated large debts during the dot com boom, and initiated the company's expansion into broadband and networked IT services.

Previous reports suggested that Verwaayen was delaying his departure after last year's revenue fell by a quarter. However, BT's share price has risen slightly over the past month enabling him to depart on a more positive note.