BT to cut 4,000 jobs, CEO takes pay cut

BT on Thursday cut CEO Gavin Patterson's annual pay packet, announced 4,000 redundancies, and lowered its financial outlook, as it grapples with the Italian accounting scandal, and weakness in the domestic public sector and international corporate markets. Patterson will receive £1.3 million (€1.54 million) for the year to 31 March, down from £5.3 million in the previous year. Outgoing finance chief Tony Chanmugam has had his annual pay cut to £258,000 from £2.81 million. BT also announced that Luis Alvarez, CEO of its troubled Global Services unit, will leave the company; he will be replaced by BT Americas president Bas Burger. "This has been a challenging year for BT. We've faced headwinds in the U.K. public sector and international corporate markets and must learn from what we found in our Italian business…