BT ANNOUNCED yesterday its CEO Philip Jansen (pictured) would be exiting within the next year, amid whispers the telecoms giant could be a takeover target for German outfit Deutsche Telekom.

Jansen will step down at an "appropriate moment", the firm said, with most analysts tipping consumer boss Marc Allera as Jansen's most likely internal successor.

Deutsche Telekom holds a more than 10 per cent stake in BT and the latter's dramatic share price tumble - down 45 per cent over the last five years - could potentially make for an appealing acquisition.

Deutsche's boss said earlier this year "I want my money back" after the stake he accrued in 2015 for £5.6bn shrunk by almost £4bn.

"There will be a time when we will do a deal," he said back then.

BT chairman Adam Crozier said a nominations committee was going through a formal appointments process for the top job, with the firm hoping to update markets "over the course of the summer". He thanked Jansen for beginning BT's 'transformation', with a dramatic job cuts programme in its infancy.

(c) 2023 City A.M., source Newspaper