The future of British Telecom will likely come down to the future of the Stephenson pay deal, according to a report.
The Telegraph reported that British Telecom CEO and chief executive officer Stephen Stephenson will leave the company after a 10-year contract worth $200 million.
The deal was signed by the board of British Telecommunications in October, and it is expected to run through 2021.
Stephenson, who has been with the company since 2010, has been a key supporter of the British telecommunications market and has been one of the company’s biggest donors.
The FT reports that the Stephenson deal was one of several major deals that the company has made to shore up its finances and that the board is expected not to be able to approve the deal in its current form, as it is due to expire on July 31.
The move comes after Stephenson announced a $5.2 billion purchase of BSkyB from BT for £11.4 billion ($17.5 billion).
The FT also reports that Stephenson will receive $300 million a year in salary from British Telecom and $200,000 in bonus compensation, while a total of $2.6 billion in cash and stock is expected from the deal.
Stephenson has also become a key player in the telecoms industry and was appointed to the board in May.
In a statement to the FT, British Telecom said: “British Telecom will continue to work closely with our Board of Directors to develop our strategy and strategic priorities, and will continue the efforts to provide a strong and secure future for the British telecom market.”