BT 2001 Annual Report Download - page 7

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‘‘This restructuring represents a major task for BT,
but I’m confident that we can and will deliver.
We’re tackling the issues that need to be tackled
and we’re moving forward.’’
Message from Sir Iain Vallance
Nearly all BT shareholders are BT
customers. And nearly all BT employees
are BT shareholders. That exceptional
association between owners, employees
and customers has been a core strength
of the organisation since it moved into
the private sector some 17 years ago.
It has been a privilege for me to
have been part of that association from
the outset ^ for the most part as
Chairman of the BT group.
The group has been a front-runner
in the telecommunications world in
countless ways. That can be put down to
the talent and professionalism of its
management and employees, and to the
loyalty of its shareholders.
BT has won through some turbulent
times in the past and I am con¢dent it will
do so again, with the support of its people
and shareholders, under the guidance of
Sir Christopher and the Board.
Sir Iain Vallance President Emeritus
22 May 2001
BT Annual report and Form 20-F 07
Your investment in BT will,
therefore, provide ownership of two
strong and separately quoted businesses,
and the £exibility that gives
shareholders. Although both companies
are expected to be major components of
the FTSE 100, they will have contrasting
¢nancial pro¢les: BT Wireless, high
growth; and Future BT, well-established
and cash generative.
The separation into distinct
businesses gives our management teams
greater focus and accountability.
It enables them to focus hard
on productivity and their own customer
segments, and it gives each business
more £exibility for forging partnerships
and strategic alliances. We are already
gaining distinct advantages from having
our businesses up and running as
separate units. The action we are
planning now will enable us to build on
this.
The greater transparency of the
businesses should also help investors
improve their understanding of each one.
They can assess the dynamics,
opportunities and contrasting ¢nancial
pro¢les of each business ^ and this better
enables them to attribute value to each.
This restructuring represents a
major task for BT, but I’m con¢dent that
we can and will deliver. We’re tackling
the issues that need to be tackled and
we’re moving forward.
Sir Peter Bonfield CBE Chief Executive
22 May 2001