BT Group Searches for New CFO as Simon Lowth Plans Retirement

LONDON, England

BT Group is looking for a new chief financial officer as Simon Lowth prepares to retire within the next year.

Sky News has learned that Lowth, who joined BT from BG Group in 2016, will step down after nearly a decade with the company. Industry sources indicate that Allison Kirkby, BT’s chief executive, has started meeting potential candidates to fill the position.

Insiders suggest that an appointment could be made as early as later this year, although the identities of the candidates remain unknown as of Monday.

Lowth’s retirement comes at a time when Deutsche Telekom and Indian billionaire Sunil Bharti Mittal hold more than a third of BT’s shares. Their strategies regarding their stakes may significantly influence the company’s direction in the near future, particularly with Openreach, BT’s infrastructure division, enhancing its rollout of full-fiber broadband throughout the UK.

In a statement, BT confirmed that its board routinely engages in succession planning to prepare for future leadership transitions. However, the company did not provide further details about the process to identify Lowth’s successor.

As of Monday morning, BT shares were trading at approximately 198.7 pence, valuing the company at about £20 billion.