BT Group PLC MIKE McTIGHE TO BE FIRST OPENREACH CHAIRMAN (3600Q)
November 29 2016 - 2:01AM
UK Regulatory
TIDMBT.A
RNS Number : 3600Q
BT Group PLC
29 November 2016
November 29, 2016
MIKE McTIGHE TO BE FIRST OPENREACH CHAIRMAN
Brings extensive regulatory experience from his eight years on
Ofcom's Board
Will help appoint further independent members to the new
Openreach Board
Mike McTighe has been appointed the first Chairman of Openreach,
BT's local fixed network business. McTighe, who takes up his role
from January, is an experienced telecoms executive and regulator
who spent eight years on the Board of Ofcom. He will oversee the
new Openreach Board - which will operate from early 2017 - and be
instrumental in selecting further independent members to join that
Board.
BT announced in July 2016 it would implement governance changes
to make Openreach more independent and transparent. Central to
these was the creation of an Openreach Board with an independent
chairman and a majority of independent members. This Board will be
accountable for setting the strategy and overseeing and managing
the performance of Openreach, working with CEO Clive Selley and his
management team. It will ensure that Openreach treats all customers
equally whilst investing in better service, broader coverage and
faster speed broadband.
Speaking today, BT Chairman Sir Michael Rake said: "I am
delighted that Mike has agreed to be the first Chairman of
Openreach. He has extensive experience and I am sure Openreach will
benefit from his detailed industry and regulatory knowledge.
"We promised in July to create an Openreach Board and we are
delivering on that promise. I remain hopeful this significant move
by BT can help to underpin a sustainable, proportionate and fair
regulatory settlement that is in the interests of the whole
country."
McTighe added: "Openreach is at the heart of the digital economy
and I am thrilled to take up this important role. A great deal has
been achieved over the past decade but it is clear that Openreach
needs to up its game on service and regain the trust of the people
we serve in the industry and across the UK. Clive is making great
progress on both fronts and I look forward to working with him to
ensure the UK has the best possible digital infrastructure. I also
look forward to meeting with the many service providers who rely on
Openreach services or who are keen to use its ducts and poles to
build their own networks".
McTighe brings extensive regulatory experience to the role,
having spent eight years on the Board of Ofcom from 2007 to 2015.
He has also held a variety of non-executive roles following an
executive career spent largely with Cable and Wireless, Philips,
Motorola, and GE. Importantly, he has recent first-hand experience
from financial services company Jerrold Holdings (trading as
Together) of working in a regulated environment, in a
parent/subsidiary structure where both entities have their own
Boards.
Notes to Editors
Openreach is responsible for the tens of millions of copper and
fibre lines that connect homes and businesses to local telephone
exchanges across the UK. It provides an extensive range of
wholesale broadband and telephony services to more than five
hundred service providers, all of whom can access the network on
equal terms. It is a highly regulated business with more than
ninety per cent of its revenues coming from products and services
that are regulated by Ofcom.
The business was established in 2006 following Ofcom's Telecoms
Strategic Review the previous year. A great deal has been achieved
since then with broadband usage across its network surging from
around seven million premises in 2006 to more than 20 million
currently. Competition has also flourished, thanks to the Openreach
open access model, with BT currently having around 37 per cent of
the retail broadband market.
BT has invested heavily to ensure the UK has one of the best
superfast broadband networks in the world. Capex at Openreach
totalled more than GBP10.5bn during its first decade of operation
and has grown by more than thirty per cent over the last two years,
reaching more than GBP1.4bn last financial year. This investment
has helped the UK to boast the best superfast broadband coverage
and take up among major European nations.
More than 26 million homes and businesses can currently access
fibre broadband via the Openreach network and tens of thousands of
additional premises are being passed every week. The business is
also set to deploy ultrafast broadband via Fibre to the Premises
(FTTP) and G.fast, with an ambition to bring ultrafast services
within reach of twelve million homes and businesses by the end of
2020.
For further information
Enquiries about this news release should be made to the BT Group
Newsroom on its 24-hour number: 020 7356 5369. From outside the UK
dial + 44 20 7356 5369. All news releases can be accessed at our
web site. You can also subscribe to receive all BT announcements
here and you can follow us on Twitter here.
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 six customer-facing lines of business: Consumer, EE,
Business and Public Sector, Global Services, Wholesale and
Ventures, and Openreach.
For the year ended 31 March 2016, BT Group's reported revenue
was GBP19,042m with reported profit before taxation of
GBP3,029m.
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
This information is provided by RNS
The company news service from the London Stock Exchange
END
BOAKVLFLQFFEFBE
(END) Dow Jones Newswires
November 29, 2016 02:01 ET (07:01 GMT)
Bt (LSE:BT.A)
Historical Stock Chart
From Aug 2024 to Sep 2024
Bt (LSE:BT.A)
Historical Stock Chart
From Sep 2023 to Sep 2024