Business Services Industry
BT Chief Admits His Sales Target Cannot Be Reached.
Knight Ridder/Tribune Business News, November, 2002
By Richard Inder, Daily Mail, London Knight Ridder/Tribune Business News
Nov. 8--BT chief executive Ben Verwaayen bowed to the inevitable yesterday, stepping back from his controversial goal of expanding the telecom giant's sales by between 6 percent and 8 percent a year.
The Dutchman had raised doubts about his leadership by insisting the target was achieveable over three years, even though BT missed by a wide margin in the first quarter.
However, he was forced to admit defeat after the second-quarter update showed underlying sales growing by around 2 percent.
Total sales fell from UKpound 6.3 billion to UKpound 5.1 billion, reflecting the sale of BT's loss-making mobile operations and its yellow pages arm Yell.
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