Following the decision by BT Group's (NYSE: BT ) current CEO, Ian Livingston, to accept a position as the Minister of State for Trade and Investment with the British government, BT has announced that existing board member and CEO of BT Retail Gavin Patterson will become its next CEO, effective in September. Livingston will join the House of Lords before assuming his new government responsibilities in December.
Patterson served on BT's board since 2008, after joining BT as the managing director of its consumer division in 2004, the company said. In response to naming a new CEO, Chairman of the BT Board Sir Michael Rake said: "We have a fitting and experienced successor in Gavin Patterson. He has a detailed knowledge of all parts of our business and a track record of success."
After serving as CEO of BT for five years, Livingston commented, "We have made huge progress over the last few years but I know there is still so much more that BT can and will do." Regarding acceptance his new role with the British government, Livingston added, "I am honored to have been asked by the Prime Minister to take on the role of Minister for Trade and Investment, with a remit of helping the growth of British companies and the country's future economic success."
The exact date in September on which Patterson will assume his new CEO position will "follow in due course," according to the BT press release.