British Telecom CEO to Step Down

LONDON, Nov. 1 -- British Telecom said its CEO Peter Bonfield is stepping down at the end of January. He was scheduled to step down at the end of 2002. Bonfield will receive a package of $2.2 million in salary, bonus and benefits, as well as stock worth another $420,000 over three years, depending on company performance.

A former state-owned monopoly, BT has struggled as Vodafone Group PLC and other mobile operators grabbed large chunks of the British market. It will attempt to regain its edge by slashing debts it incurred by buying stakes in several overseas firms and paying for costly third-generation mobile phone licenses in Europe.