BT’s chief executive Ben Verwaayen is stepping down in the summer after six years at the helm.

He will be replaced by Ian Livingston, who is currently the chief executive of BT Retail. The change will come into effect on 1 June.

Sir Mike Rake, chairman of BT, said: “Ben has been an exceptional chief executive whose courage and leadership has transformed BT from being a deeply troubled organisation into a thriving business with global capability and a clear strategy for the future.

“The board has been involved in the process of transition for many months to ensure an orderly succession. Ben has done more than anyone else to make Britain the most competitive broadband market in the world. He has been instrumental in restoring pride in BT. Everyone in the company owes him a huge debt of gratitude and wishes him well for the future.”

Verwaayen said: “I have had six exciting years and I am extremely proud of the people in BT. Without them the company’s recent success would not have been possible. I owe a particular debt of gratitude to the executive directors who have served alongside me on the Board. Francois Barrault and Hanif Lalani have made a magnificent contribution. They are outstanding leaders. Ian Livingston will lead the company from strength to strength when he takes over as in June. He is a great guy with a fantastic record of business achievement.”

Livingston’s existing role will be filled by Gavin Patterson, currently group managing director of BT’s consumer division. Patterson will become chief executive of BT Retail and will join the BT board on 1 June.