Reg sticks with BT's Bonfield
Come on, Sir Pete, you can do it
We would just like to reiterate our support for Sir Peter Bonfield in response to yet more scurrilous reports in the press that he is due to resign.
Even some of our loyal readers have turned against him, suggesting that not only is he is responsible for BT's fall from grace but also for the collapse of his former company, ICL.
Some people seem to think that yesterday's five per cent slump in BT's share price (outdoing the 4.1 per cent fall in the FTSE - the largest since 1992) to 469p is adding to the pressure for Sir Pete to leave. Yes, this is a three-year low in share price and puts a market value of £30.8 billion on the company, while it has £30 billion in debts, but it is all part of Peter's masterplan. Just you wait and see.
We just want him to know we are right behind him as he approaches the cliff of decision. If you can make it past today, Peter, you're laughing. As you probably know, many companies only release such catastrophic news late on a Friday to limit the press coverage. All the best. ®