BT shares up as Bonfield bails

Markets celebrate big chief's exit...

The announced departure of BT's chief executive has pushed the telco's share price up nearly five per cent this morning. Sir Peter Bonfield was expected to stay on until December of next year, but will now make an early exit in January. It is confirmed that will be walking away with almost £1.5m in bonuses and salary. Bonfield said in a statement: "This is the right time to announce a change. We have almost completed the very radical transformation programme, which we started last year. A string of profitable and timely disposals, coupled with a successful rights issue, have helped us to reduce debt ahead of schedule." BT's share price was up 4.7 per cent to 352 pence.