BT's new boss underwhelms the City

NEWS BT yesterday appointed its new CEO Ben Verwaayen, an unfamiliar executive who is said to have left shareholders and analysts unimpressed. It is claimed that most investors feel Sir Peter Bonfield should have been replaced by someone with a stronger UK reputation. According to reports in the press this morning, top City analysts also admitted they wanted the company to be led by someone more charismatic and well-known. Verwaayen - a 49-year-old Dutch national - left his post as vice-chairman for Lucent to join BT. Verwaayen has worked in telecoms business since 1976 and has worked for companies such as Dutch telco KPN. BT's current CEO, Sir Peter Bonfield, announced at the end of October that he is to leave the telco in January 2002. Bonfield wasn't due to leave the company until later in the year, but rumours of an early departure had been doing the rounds for some time, along with growing investor dissatisfaction with his performance. Verwaayen will inevitably face close scrutiny as he attempts to revive BT's flagging fortunes.