BT is to replace chief executive Gavin Patterson later this year amid waning support for the company’s trajectory.

The telecoms giant said it has launched a search for his replacement and expects to have a successor in place during the second half of the year.

Mr Patterson will stay in his role until that time.

BT chairman Jan du Plessis said that while Mr Patterson had the backing of the board, wider support was starting to wane.

“The board is fully supportive of the strategy recently set out by Gavin and his team.

“The broader reaction to our recent results announcement has though demonstrated to Gavin and me that there is a need for a change of leadership to deliver this strategy.”