Allison Kirkby, who became chief executive of BT in February 2024, saw her total pay and bonus package more than double to £5.6 million last year, marking the largest remuneration awarded to a BT boss in over a decade. Kirkby received a package worth £5.58 million for the financial year ending in March, up from £2.48 million in her first year as CEO.
Pay Breakdown and Comparison
The package includes a £1 million cash bonus payable this month and £3.25 million in share awards under a long-term incentive program, which will vest over three years. This is significantly higher than the £3.7 million maximum received by her predecessor, Philip Jansen, during his five-year tenure. The last time a BT CEO received a larger payout was Ian Livingston, who earned £9.4 million in 2012-13.
Share Price Surge Drives Bonuses
BT's share price has surged nearly 80% since Kirkby took the helm, boosting the value of her share-based compensation. A BT spokesperson noted that the long-term share awards have benefited from the significant increase in the company's stock price since her appointment.
Salary Increase and Employee Pay
Kirkby also received a 3% salary increase, bringing her base pay to £1.1 million. In contrast, BT agreed to a 4.1% pay rise for employees earning under £30,000 and a 3% increase for those above that threshold, following union negotiations.
Investment and Restructuring
Under Kirkby's leadership, BT has continued its £15 billion investment program announced in 2021 to upgrade the UK's broadband and 5G infrastructure. The company also plans to cut 55,000 jobs from its global workforce of 130,000 by 2030, as its network buildout concludes and AI-driven efficiencies are implemented.
