Vallance goes part-time at BT

Sir Iain Vallance is to relinquish his role as executive chairman of British Telecom from August, moving to a part time position with the company after more than 10 years at the helm.

BT said Sir Iain would stay on as non-executive chairman until his contract expires in 2000, but that he would also explore outside interests. He is vice chairman of Royal Bank of Scotland and a board member of Mobil. Sir Iain, who is 55, will receive an annual pension of pounds 281,000, along with a reduced salary, without bonuses, which has yet to be decided by BT's pay committee. In the year to last April he was paid a basic salary of pounds 485,000, plus an annual bonus of pounds 185,000. However Sir Iain has for several years paid his cash bonuses to The Princess Royal Trust for Carers.