- Patricia Cobián, CFO of Virgin Media O₂, will join BT Group’s board and executive committee in mid-2026, following a 12 month gardening leave.
- Simon Lowth, BT CFO since 2016, is retiring; the transition underlines BT’s strategy to cut costs, modernise infrastructure and tighten focus on UK digital expansion.
What happened: Patricia Cobián is set to become BT’s Group CFO
BT Group has formally announced the appointment of Patricia Cobián, currently Chief Financial Officer at Virgin Media O₂, as its next Group CFO. She will begin a 12 month gardening leave before joining the BT board and executive committee in summer 2026, when Simon Lowth — BT’s CFO since 2016 — steps down. Cobián led finance through the 2021 creation of Virgin Media O₂, the 50:50 joint venture between Telefónica and Liberty Global, and previously held senior positions at O₂ UK and McKinsey & Company.
Lowth has overseen significant cost-cutting and restructuring at BT, and will support an orderly transition over the coming year. In the interim, Virgin Media O₂ has named Mark Hardman and Nick Taylor as joint acting CFOs until a permanent successor is appointed.
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Why it’s important
Cobián’s arrival marks a historic first — she will be the first woman ever to serve as CFO at BT, the UK’s largest broadband and mobile provider. Her track record navigating mergers, M&A and telecom finance positions her as a strategic asset during BT’s so-called once-in-a-generation infrastructure overhaul.
This executive change comes as BT reports a modest drop in first quarter performance — revenues down around 3–3.4%, adjusted EBITDA edging down, and pre-tax profits declining by about 10% year-on-year. The results reflect weaker handset sales and legacy voice business pressures, even as fibre broadband demand and 5G rollout grow. The company reaffirmed its full-year outlook.
BT is amid sweeping transformation under CEO Allison Kirkby, including plans to simplify operations, reduce up to 40,000 jobs by 2030, and deliver some £3 billion in cost savings. Cobián’s leadership is expected to be central to managing debt levels, pension scheme deficits and steering financial discipline during this overhaul.
Her appointment not only strengthens BT’s leadership bench but signals broader sector shifts: increasing female representation at the executive level in telecom. It also underscores the continuing consolidation and competition among major UK providers — BT actively recruiting senior talent from rival Virgin Media O₂.
