BT CEO Gavin Patterson was awarded a bonus of £1.3 million (almost US$1.75 million at the current GBP/USD exchange rate) on Thursday despite the corporation having a tough year, the Financial Times reported.
READ MORE: BT Sheds Thousands of Jobs and Moves HQ From London For First Time in 150 Years
Additionally, Mr. Patterson was given a 2.5 per cent pay rise, as were numerous other board members and senior managers at the British telecommunications company, which provides a range of services, including broadband access.
His recently awarded bonus coupled with his standard pay brings his total annual compensation to £2.3 million (almost US$3.1 million.)
Despite top executives losing share allocations due to the firm’s poor performance in 2017, many were, understandably, angry at BT’s decision to pay out obscene bonuses just days after the company announced plans to slash its UK workforce.
Brits took to social media to express their opposition to the “callous greed” of BT executives and the wider issue of large corporations paying their CEOs large bonuses, especially in the case of struggling businesses.
@bt_uk. My extortionate phone bills seem to support the undeserved bonus of your company CEO that reports poor profit ratios, cuts 13000 staff from his payroll, and still keeps smiling. Explain please?
— Dave Miller (@Millathegorilla) May 25, 2018
Callous greed. But why should he care? #GavinPatterson Getting richer CEO of a getting smaller BT via @FT
— Jon (@jiJonathon) May 25, 2018
https://t.co/YaItRCfyLu
When will big companies and there CEO's ever learn. Do not keep awarding yourselves pay rises and bonuses while laying off staff to save money. You will only lose out by losing customers. #BT #BONUS
— Mike Davies (@mikjdavies) May 24, 2018
READ MORE: UK Chancellor Set to Court City Bankers Amid Bonus, Bailouts & Rigging Rows
