The boss of BT Group is to freeze his £1.1m salary until he retires from the FTSE 100 telecoms operator.

Sky News has learnt that Philip Jansen’s base pay will be maintained at the same level at which it was set when he joined the company in 2019.

City sources said the decision would be set out in BT’s annual report, which is expected to be published as soon as Thursday.

Mr Jansen’s annual salary was fixed for five years upon joining, meaning the existing arrangement was due to expire at the end of this calendar year.

However, an insider said it would be renewed on a rolling basis and would apply until he eventually leaves the company.

Be the first to get Breaking News

Install the Sky News app for free

In total, Mr Jansen is understood to have been paid approximately £3m in BT’s last financial year, slightly down on the previous 12 months.

News of the pay decision comes just weeks after BT signalled that its workforce would shrink by as many as 55,000 people by the end of the decade amid a boom in artificial intelligence and as its full-fibre broadband rollout comes to an end.

Under Mr Jansen, BT has accelerated its transformation, although its share price performance has led City analysts to speculate that it is vulnerable to a takeover.

The telecoms tycoon Patrick Drahi has built a 25% stake in the company, although he again ruled out mounting a full bid.

The company declined to comment ahead of the publication of its annual report.

Related posts:

Government rules out changes to pensions promise Borrowing falls as furlough spending eases – but still second highest on record News UK says ‘early stage’ discussions with BT Sport will not be pursued Krispy Kreme aiming for $4bn valuation in public listing Proof that Dimon is a bank’s best friend as JP Morgan bids to tie down top exec after talk of White House run Business confidence in UK economy ‘falls off a cliff’ to lockdown levels in face of rising costs Waterstones in talks to open new chapter for family-owned Blackwell’s Food poverty campaigner Jack Monroe warns children will die as UK cost of living crisis intensifies UK central bank to stay ‘flexible’ on interest rates Sharper rate hike is ‘not locked in’ as economy slows, Bank of England governor to say Loan scheme for small businesses to be extended by two years Sainsbury’s in Nectar card shake-up – here’s what it could mean for you