Telecoms giant BT has appointed Worldpay boss Philip Jansen as chief executive.
Mr Jansen will replace Gavin Patterson and take up his role on January 1.
Mr Jansen has headed up Worldpay since 2013, leading it through its flotation in 2015 until its combination with Vantiv in 2017. He has previously been CEO and then chairman of Brakes Group and has held a variety of other corporate roles.
Mr Jansen’s remuneration package will consist of a £1.1 million base salary, a cash allowance in lieu of pension of 15% of salary and an annual bonus of up to 240% of salary.
He will also bank up to 400% of his salary through a long-term incentive share plan, which vests after three years subject to performance.
He will also trouser £895,848 to make up for shares he will forfeit on leaving Worldpay.
Mr Jansen said: “In a competitive market we will need to be absolutely focused on our customers’ needs and pursue the right technology investments to help grow the business.
“I’m excited to get to know all the people at BT and work together to take the business forward.”
Mr Patterson’s departure was announced earlier this year amid waning support for the company’s trajectory.
BT chairman Jan du Plessis said that while Mr Patterson had the backing of the board, wider support was starting to wane.
Mr Patterson’s departure will end a near-five year stint as chief executive, having been at BT for a total of 14 years.
The changeover comes just months after BT announced plans to axe about 13,000 jobs and exit its BT headquarters in central London as part of a revamped cost-cutting drive meant to help save around £1.5 billion.