Brace has been with BT for more than 11 years. Philip Hampton, 47, is currently a board member of BG Group with responsibility for the company’s finance.
Brace, 50, said: ‘I have been group finance director of BT during some of the most exciting and challenging times in the history of the company.’ He now plans to live and work in North America.
Hampton joined auditors Coopers & Lybrand in 1975 and worked in corporate finance, mainly on mergers and acquisitions and capital markets. From 1990, he worked for British Steel plc, becoming executive director for finance in 1991. He took up his current appointment in July 1996.
Brace’s departure sparked a 7.7% gain in BT’s stock on Friday afternoon, following a ten-month slide in its share price. And the price was up again this morning after weekend reports of an imminent shake-up at the company, which it is hoped will give inject some new life into the company.
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