BT Appoints Virgin Media O2's Patricia Cobian as New CFO Amid Cost-Cutting Measures and Broadband Customer Losses

BT Group has recruited Virgin Media O2 executive Patricia Cobian as its first female chief financial officer, replacing Simon Lowth next year. The appointment comes as the group reports a 3% decline in revenue in the first quarter to £4.88bn, mainly due to weaker handset sales and challenging international trading. BT lost 169,000 broadband customers, but this was lower than expected due to a weaker broadband market. The group plans to cut 40,000 jobs and £3bn in costs by 2030.

BT Group plc has announced the appointment of Patricia Cobian as its new Chief Financial Officer (CFO), effective next year. The appointment follows the retirement of Simon Lowth, who has held the position for nine years. Cobian, currently serving as CFO at Virgin Media O2, will join BT Group's Board and Executive Committee in the summer of 2026, with Lowth to retire following a managed handover.

The appointment of Cobian, a highly experienced executive in the UK and European telecoms sector, comes amidst BT Group's ongoing transformation and modernization efforts. BT Group's CEO, Allison Kirkby, expressed her enthusiasm for Cobian's leadership and deep industry experience, noting that her expertise will be invaluable in driving growth and value for BT's customers, shareholders, and the UK.

BT Group reported a 3% decline in total adjusted revenue for Q1 2025, falling to £4.88–4.9 billion. This decline was primarily attributed to weaker handset sales in the Consumer segment and challenging conditions in international markets. Despite these pressures, Openreach saw revenue growth of 1% due to strong demand for fibre-to-the-premises (FTTP) connectivity. The group plans to cut 40,000 jobs and £3bn in costs by 2030.

BT Group's pretax profit fell 10% year-on-year to £468 million, impacted by increased net finance costs and higher depreciation and amortisation. Adjusted EBITDA was down 1% to £2.05–2.1 billion, with adverse revenue trends partially mitigated by cost transformation efforts. The company maintained its existing guidance for all of financial 2026.

BT Group's shares rose following the announcement of Cobian's appointment, reflecting positive market sentiment about the leadership change and the company's reaffirmation of FY26 financial guidance.

References:
[1] https://newsroom.bt.com/simon-lowth-to-retire-as-bts-group-cfo-with-patricia-cobian-appointed-as-successor/
[2] https://www.marketscreener.com/news/bt-names-industry-veteran-patricia-cobian-as-first-female-cfo-ce7c5cd3da8df12d
[3] https://www.marketscreener.com/news/bt-group-hires-cfo-from-virgin-media-o2-amid-lower-quarterly-profit-ce7c5cd3dc8bf020
[4] https://paginasiete.bo/bt-group-lon-bt-a-reports-q1-revenue-drop-and-names-new-cfo-shares-jump-on-positive-outlook-bt-share-price/