BT Boss Barrault Fails and gets Â£2.8 million
Despite massive write-downs at BT last year, Frenchman Francois Barrault, who led BT’s global services business, was paid Â£2.85 million. Barrault quit BT at the end of October as it became clear some of his division’s contracts were much less profitable than the company had anticipated.
Failure to deliver on cost savings which BT had promised the City resulted in 2 profit warnings which contributed in a large part to BT’s loss of Â£134 million in the year to the 31st of March according to a report on thescotsman.
An annual report from BT has revealed that on top of Barrault’s Â£1.25 million salary he was given a severance payment of Â£1.6 million, and
BT has stated that the payment was in “strict accordance with his contract” and no bonus was given.