The former monopoly was struggling until Verwaayen came to the group’s rescue

Seven years ago the idea that anyone, let alone its competitors, would ever have anything positive to say about BT or its senior management was unthinkable.

Ill-timed expansion had forced it to axe its dividend, launch a huge £6bn rescue refinancing and hand its mobile phone business, now called O2, to shareholders for nothing. Customer service was derided and press coverage was littered with epithets such as ailing, beleaguered and embattled.

To read more of this story in The Guardian see www.guardian.co.uk/business/2008/may/16/btgroupbusiness.bt.