Original URL: https://www.theregister.com/2001/04/27/theyve_just_replaced_one_sir/

'They've just replaced one Sir Idiot with another'

The City, media and investors unimpressed by BT top-job change

By Kieren McCarthy

Posted in On-Prem, 27th April 2001 11:29 GMT

The City, media and everyday investors are not impressed with the announcement yesterday that Sir Iain Vallance was to step down as BT chairman and be replaced with current BBC governor Sir Christopher Bland.

One Internet poster appeared to capture the mood when he said "they have just replaced one Sir Idiot with another".

BT's share price fell 5.5 per cent on the news yesterday, wiping £2 billion off the company's value. It has continued to fall today and currently stands at 534p, down 3 per cent on yesterday - another £1 billion lopped off.

Media reports are nearly all hostile: "Bonfield faces the storm alone", "The £1m failure", "Can Bland of the BBC rescue BT?" and the consistently bland Independent goes with "BBC chairman Bland to succeed Vallance in the UK".

As you would expect there is heavy speculation, but these are the things that everyone agrees upon: