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☆ Sam Altman thinks Silicon Valley has lost its culture of innovation
▼ + stars: | 2023-09-07 | by ( Kai Xiang Teo | ) www.businessinsider.com time to read: +3 min

OpenAI's Sam Altman thinks Silicon Valley no longer has an innovation culture. "Before OpenAI, what was the last really great scientific breakthrough that came out of a Silicon Valley company?" Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. "There used to be great research that happened in companies in Silicon Valley, Xerox PARC being the obvious example. To this, Altman responded by saying Silicon Valley did have a product innovation culture, but he felt it missed the mark on groundbreaking research.

Persons: OpenAI's Sam Altman, Sam Altman, Altman, Nicolai Tangen, I'm, Marc Andreessen, Andreessen, Horowitz, Matt Miller, Altman's OpenAI, ChatGPT, OpenAI Organizations: Service, Xerox PARC, Norges Bank Investment, Sequoia Capital, Biosciences Locations: Wall, Silicon, Silicon Valley, China, California, OpenAI

☆ Elon Musk issued so many orders after taking over Twitter that staff made him sign some off in case he forgot, report says
▼ + stars: | 2023-09-07 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +2 min

Elon Musk made so many requests at Twitter that staff asked him to sign some off, The Wall Street Journal reported. Employees feared Musk would forget all the orders he'd issued, per the Journal. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. Musk also ended the platform's "blue tick" verification and replaced it with a subscription service called X Blue, formerly Twitter Blue . He reinstated Ye's account after the rapper contacted Musk personally, The Wall Street Journal reported .

Persons: Elon Musk, he'd, Musk, Linda Yaccarino, Joe Biden's, Marc Andreesen, Kanye West, Donald Trump Organizations: Twitter, Street Journal, Employees, Service, Super Bowl, Kanye Locations: Wall, Silicon

"The United States is also working to ensure that the procedures governing the defendant's return to Malaysia will not unduly delay the service of his U.S. sentence," prosecutors said. Ng's lawyers agreed to the one-month delay, prosecutors said. The case stemmed from about $6.5 billion in bonds that Goldman helped 1MDB sell in 2012 and 2013. Agnifilo said at the hearing that Malaysia wanted Ng's cooperation with an ongoing 1MDB probe. Ng was arrested in Malaysia in Nov. 2018 and agreed to be extradited to the United States three months later.

Persons: Goldman Sachs, Margo Brodie, Roger Ng's, Marc Agnifilo, Goldman, 1MDB, Ng, Brodie, Drew Rolle, Agnifilo, Malaysia's, Tim Leissner, Jho, Luc Cohen, Bill Berkrot Organizations: U.S, Malaysia, United, Thomson Locations: Malaysia, New York, Brooklyn, Kuala Lumpur, United States, U.S

☆ Silicon Valley billionaires want to build a new city in rural California, but locals are skeptical of the project: 'Their secrecy has caused a lot of problems'
▼ + stars: | 2023-09-05 | by ( Janie Har | Associated Press | ) www.businessinsider.com time to read: +9 min

Silicon Valley billionaires revealed plans to build a new city after buying $800 million in land. The land was quietly purchased in Solano County, a rural area near San Francisco and Sacramento. Most of the land purchased is in the southeastern portion of the county, with parcels stretching from Fairfield to Rio Vista. Billionaires want to build a new city in rural California, but they're encountering wavering support from locals and lawmakers. Solano County homes are among the most affordable in the San Francisco Bay Area, with a median sales price of $600,000 last month.

Persons: Jan Sramek, Goldman Sachs, Flannery, Laurene Powell Jobs, Reid Hoffman, Marc Andreessen, Marc Andreeseen, Lauren Powell Jobs, Michael Moritz, Paul Chinn, Countess, Michael Kovac, Sramek, Mike Thompson, Terry Chea, Princess Washington, Thompson, they're, he's, John Garamendi, Hoffman, Andreessen, Ron Kott, Kott Organizations: Service, FRANCISCO, Flannery Associates, Silicon, LinkedIn, New York Times, San Francisco Chronicle, Getty, Fair, Solano, US Air Force, FBI, of Treasury, AP, San Francisco Bay Area, Travis Air Force Base, US Locations: Solano County, San Francisco, Sacramento, Wall, Silicon, Northern California, Solano, Silicon Valley, California, Fairfield, Rio Vista, U.S, United Kingdom, Ireland, walkable, Terry Chea California, California's, San Francisco Bay, Princess, Suisun City, Travis

☆ A mayor told the investors who want to build a new city in her backyard to 'take their billions of dollars and go back down to Silicon Valley'
▼ + stars: | 2023-09-02 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +2 min

Moy told Bloomberg she would "do everything we can to stop" Flannery Associates' plans. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. Moy told Bloomberg that "this is no way to go about any kind of development," adding: "We're going to do everything we can to stop this." The Silicon Valley elites have purchased about 52,000 acres of land around Travis Air Force Base since 2018, leaving "no part that isn't touched by Flannery," Moy told ABC 7 News. Speaking to CNBC about the Flannery plan, Moy said the Air Force base "can't function" with a settlement encroaching on it.

Persons: Catherine Moy, Moy, Flannery, John Garamendi, Solano County's, Marc Andreessen, Reid Hoffman, Laurene Powell Jobs, Steve Jobs Organizations: Solano, Bloomberg, Service, Daily, Flannery Associates, New York Times, Travis Air Force Base, ABC, CNBC, Air Force Locations: Fairfield, Wall, Silicon, California, Solano County, San Francisco

☆ A company that counts billionaires Marc Andreessen and Laurene Powell Jobs as investors says it's bought 50,000 acres of land to build a new 'walkable' city in northern California. Here's everything w
▼ + stars: | 2023-09-01 | by ( Grace Dean | ) www.businessinsider.com time to read: +6 min

California Forever says it wants to build a "walkable" city with new jobs, surrounded by an agricultural greenbelt. The company, Flannery Associates, has been quiet until now, but its parent company California Forever just launched a new website detailing its master plan. Solano County sits between Sacramento, San Francisco, and Napa Valley, and has a population of around 450,000 across just over 900 square miles. Sramek founded California Forever in 2017 and recently bought a family home there. "Now that we're no longer limited by confidentiality, we are eager to begin a conversation about the future of Solano County," it says.

Persons: Goldman Sachs, Marc Andreessen, Laurene Powell Jobs, Flannery, Jan Sramek, he'd, Jan, Sramek, it's, Who's, Chris Dixon, John Doerr, Nat Friedman, Daniel Gross, Reid Hoffman, Michael Moritz, Andreessen Horowitz, Patrick, John Collison Organizations: Goldman, Service, Flannery Associates, California Forever, Travis Air Force Base, California Forever's, California Delta, California Locations: San Francisco, California, Wall, Silicon, Solano County, Sacramento, Napa Valley, Solano, Fairfield, Rio Vista, walkable

☆ It's doubtful that Silicon Valley billionaires could pull off building a new city from scratch in a remote California farmland anytime soon, developer says
▼ + stars: | 2023-08-30 | by ( Azmi Haroun | ) www.businessinsider.com time to read: +4 min

Silicon Valley billionaires buying up land in Solano County, California, could face big hurdles. In 2017, Flannery Associates pitched an idea to create a new, walkable city in Solano County. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. With the land purchased, the group's plot of land has started to encircle Travis Air Force Base nearby, according to The Wall Street Journal. AdvertisementAdvertisementThey're also not the first Silicon Valley billionaires using their extreme wealth to chase bold developing ambitions only to be met with grinding bureaucracy.

Persons: Flannery, Marc Andreessen, Laurene Powell Jobs —, Mark Friedman, It's, John Garamendi —, —, They're, Elon Musk Organizations: Flannery Associates, Service, Silicon, New York Times, Travis Air Force Base, Wall Street, Times, San Francisco, Democratic, FBI, Treasury Locations: Solano County , California, Solano County, Wall, Silicon, San Francisco , California, California, Sacramento

☆ Mysterious new California city backed by some of the biggest names in Silicon Valley, report says
▼ + stars: | 2023-08-28 | by ( Ashley Capoot | ) www.cnbc.com time to read: +2 min

An aerial view of the city of San Francisco skyline and the Golden Gate Bridge in California, October 28, 2021. Jan Sramek, a former Goldman Sachs trader, has been quietly working to build an urban utopia in California nestled near San Francisco and Silicon Valley. But just a few years after the mysterious project got underway, it is facing increasing scrutiny from local officials and residents. Local residents were unnerved by the company as it bought up more and more land, according to the report. Read more at The New York Times.

Persons: Jan Sramek, Goldman Sachs, Sramek, Flannery, Reid Hoffman, Marc Andreessen, Andreessen Horowitz, Michael Moritz, Read Organizations: The New York Times, Flannery Associates, Bloomberg, LinkedIn, Democratic, Times Locations: San Francisco, California, Silicon

☆ A mystery company backed by Silicon Valley billionaires has purchased tens of thousands of acres of land for more than $800 million to build a new city near San Francisco
▼ + stars: | 2023-08-26 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +4 min

A company called Flannery Associates has been purchasing land in a county near San Francisco. The company, Flannery Associates, has spent $800 million to purchase thousands of acres of farmland in Solano County, which sits northeast of San Francisco, court documents obtained by Insider show. But the spending price has since soared, with Flannery spending up to $15,000 per acre, lawyers for Flannery Associates said in court documents. Attorneys for Flannery Associates and the landowners did not respond to a request for comment outside of working hours. AdvertisementAdvertisementMusk recently purchased 3,500 acres of land outside of Austin, Texas, to build a town he intends to call "Snailbrook."

Persons: Flannery, Marc Andreessen, Laurene Powell Jobs, Catherine Moy, Jan Sramek, Goldman Sachs, Powell Jobs, Michael Moritz of, Reid Hoffman, Moritz, Y, We're, Bill Gates, Elon Musk Organizations: Service, Silicon, The New York Times, Flannery Associates, Street Journal, Travis Air Force Base, Air Force Base Google, ABC, Times, Michael Moritz of Sequoia Capital, LinkedIn, Solano County Google, The Times, Tech Locations: San Francisco, Wall, Silicon, California, Solano County, Fairfield, Real, Austin , Texas, Colorado

☆ The CEO of a bank in Australia is getting slammed for ordering staff back to the office not for productivity — but for 'mental health'
▼ + stars: | 2023-08-24 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

A regional bank CEO in Australia has ordered employees to return to the office more often. She said the return-to-office is for the employees' own "mental health" rather than for productivity. This is about our own mental health, this is about the fact that we are a relationship bank, and we talk about our relationships with our customers and communities," she said. Dimon even said employees can go work elsewhere if they don't like long commutes into the office. AdvertisementAdvertisementEven Goldman Sachs wants staffers to return to the office five days a week, upping the crackdown on working from home.

Persons: Marnie Baker, news.com.au, Baker, Elon Musk, Jamie Dimon, Marc Andreessen, Dimon, Musk, Goldman Sachs Organizations: Service, Adelaide Bank, SpaceX, JPMorgan, CNBC Locations: Australia, Wall, Silicon, Bendigo

☆ The dog days of summer are boom days for divorce filings. But the economy is making it tough.
▼ + stars: | 2023-08-19 | by ( Alexandra Peers | ) edition.cnn.com time to read: +8 min

New York CNN —The dog days of summer are boom times for divorce filings. You can’t quite inflation-proof your divorce, they noted, but there are steps to take to blunt the economy’s impact on it. ljubaphoto/E+/Getty ImagesIf you refinance, you’ll also have to qualify for a new loan based on one income. Also, divorce attorneys stress, expect the strains and time-consuming duties of divorce to, at least temporarily, trim gig income. “I have clients who have put off divorce because of the economy,” said Manhattan accountant Marc Albaum.

Persons: Jaime Davis, Brandon Bell, you’ll, Scott Trout, Cordell, Appraising, Sid Bass, Anne, Anne Bass, Edgar Degas, Mark Rothko, Degas, ”, Victor Weiner, hasn’t, “, Marc Albaum, “ One’s, ‘, Covid, That’s Organizations: New, New York CNN, CNN, Veterans Affairs, Cordell, Appraisers Association of America, Wall, Consumer, CPI Locations: New York, Raleigh , North Carolina, Houston , Texas, Manhattan, Covid

☆ I run a $38 billion software company. In 10 years, CEOs who don't understand data and AI won't be eligible for the top job in any industry.
▼ + stars: | 2023-08-16 | by ( Ellen Thomas | ) www.businessinsider.com time to read: +4 min

Ali Ghodsi, CEO of Databricks, a cloud-based data and AI company, says AI is "eating software." This as-told-to essay is based on a conversation with Ali Ghodsi, CEO of cloud-based data and AI company Databricks. Every company is now a software company. Industries that you traditionally might not have thought were software industries — healthcare, retail, finance — all of it is software. The leading companies in the future are going to be data and AI companies — healthcare, retail, you name it.

Persons: Ali Ghodsi, Marc Andreessen, Andreessen, Databricks, we've, Uber, Ashley Davis Organizations: Morning, Industries, AIs, Facebook Locations: Databricks

☆ Humanity is on the brink of major scientific breakthroughs, but nobody seems to care
▼ + stars: | 2023-08-08 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +5 min

Humanity could be on the brink of making major progress in multiple areas of science. These are artificial intelligence, room-temperature superconductors, and nuclear fusion. A lesson from ChatGPT: people get excited by progress when they understand what it means. It's not a surprising attitude from the man who also said "we wanted flying cars, instead we got 140 characters." Efforts remain underway to replicate a room-temperature superconductor's creation.

Persons: Peter Thiel, Thiel, LLMs, chatbot, Marc Andreessen, OpenAI's Sam Altman, Andreessen Organizations: Milken, Peking University, Times, Milken Institute Locations: Korea, Beijing, Silicon, California, ChatGPT

☆ Room-temperature superconductors and nuclear fusion will need a ChatGPT moment
▼ + stars: | 2023-08-08 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +5 min

These are artificial intelligence, room-temperature semiconductors, and nuclear fusion. A lesson from ChatGPT: people get excited by progress when they understand what it means. In South Korea last month, researchers declared the discovery of the world's first room-temperature, ambient pressure superconductor – a rock-like material known as LK-99. But if Andreessen and his ilk want the general public to get excited by nuclear energy and superconductors, they have the answer in their own backyard in ChatGPT. Humans need to see and understand the benefits of progress for themselves.

☆ Former NYC mayor Michael Bloomberg has had it with federal employees working from home
▼ + stars: | 2023-08-03 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Former NYC mayor Michael Bloomberg thinks federal workers should not work from home. "Some people argue that remote work for federal employees isn't a problem. "In the private sector, if remote workers do a poor job, business suffers and customers take their spending elsewhere. At Bloomberg LP, more than 80% of employees work in the office at least three days a week, as requested, he added. In a May interview with CNBC, Tesla and SpaceX CEO Elon Musk went so far as to say remote work is "morally wrong."

Persons: Michael Bloomberg, Morgan, Jamie Dimon, Marc Andreessen, Elon Musk Organizations: Service, New York City, Bloomberg, Washington Post, Office, Forbes, CNBC, Tesla, SpaceX Locations: Wall, Silicon

☆ Billionaire CEO of military technology supplier Palantir advocates for AI weapons: 'We must not grow complacent'
▼ + stars: | 2023-07-31 | by ( Will Gendron | ) www.businessinsider.com time to read: +4 min

Alex Karp, the billionaire CEO of Palantir, took to The New York Times to advocate for the development of AI weapons. Palantir has interest in the matter, as it is a major supplier of technology to the military. In March, a number of tech and business executives — Elon Musk and Steve Wozniak, included — signed an open letter calling for a pause on advanced AI development as the launch of OpenAI's GPT-4 sent shockwaves through the industry. But Alex Karp, Palantir's billionaire CEO, says these fears are secondary to the benefits of AI, particularly when it comes to using the technology to protect the United States through military applications. He said the current debate was similar to the "Oppenheimer moment," likening the development of AI to that of nuclear devices.

Persons: Alex Karp, Palantir, — Elon Musk, Steve Wozniak, —, Karp, Biden, Yann LeCun, Bill Gates, Marc Andreessen, Gates, Andreessen, " Karp, Dan Ives Organizations: The New York Times, Morning, New York Times, Google, Times, Wedbush Securities Locations: United States, Amazon, China, States, Palantir's

☆ Get the lowdown on 'e/acc' — Silicon Valley's favorite obscure theory about progress at all costs, which has been embraced by Marc Andreessen
▼ + stars: | 2023-07-28 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +5 min

There's a new ideological interest in Silicon Valley: effective accelerationism. It's called effective accelerationism. The more formalized e/acc idea has taken shape on Twitter and through Substack newsletters since 2022. In an e/acc world, no idea that offers hypothetical value should be considered too absurd, too dangerous, too out there to make a reality. But one thing does seem certain: as long as AI remains front and center, so too will effective accelerationism.

Persons: Marc Andreessen, It's, Garry Tan, Sam Bankman, Fried, Michael M, Nick Land, Freeman, ChatGPT, Marc Andreessen's, Tan, Y Organizations: Tech, acc, Morning, Twitter, Getty, University of Warwick Locations: Silicon Valley, British, Francisco

☆ Meta's Llama 2 AI model is about to get a whole lot of use from Chinese companies, thanks to Alibaba
▼ + stars: | 2023-07-26 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +3 min

Chinese businesses are about to get their hands on Meta's Llama 2 AI model. The free AI model will enter China at a time when US-China tensions over AI are rising. Meta's Llama 2 has a major new backer that is about to make its new and improved AI model available to a whole lot of Chinese companies: Alibaba. It's a move that is set to give Chinese businesses first-hand access to Meta's free AI model, Reuters reported. "Today, Alibaba Cloud has launched the first training and deployment solution for the entire Llama 2 series in China, welcoming all developers to create customized large models on Alibaba Cloud," Alibaba Cloud said in a statement on super app WeChat.

Persons: Meta, Marc Andreessen, Alibaba Organizations: Meta's, Reuters, China, Morning, Meta, Microsoft, Web Services, Silicon Locations: China, Silicon Valley, Washington, Beijing

☆ Billionaire Marc Andreessen says he's teaching his 8-year-old son ChatGPT: 'This is like the most important thing I've done as a father'
▼ + stars: | 2023-07-25 | by ( Grace Kay | ) www.businessinsider.com time to read: +3 min

Billionaire investor Marc Andreessen said he introduced his 8-year-old son to ChatGPT shortly after the AI chatbot made headlines late last year. the Andreessen Horowitz cofounder told Joe Rogan of the first time he introduced his son to ChatGPT. Andreessen said his son told him. that my 8-year-old is gonna have by the time he's 20, it's gonna have had 12 years of experience with him," he told Rogan. He told Rogan he believes people typically frame new technology around the potential dangers it presents instead of its advantages.

Persons: Marc Andreessen, Andreessen, ChatGPT, Andreessen Horowitz, Joe Rogan, Horowitz, I've, it's, Rogan, It'll, OpenAI

☆ Marc Andreessen says AI will function as a lifelong 'partner' for kids with full insight into everything they've done and want — and he thinks that's a good thing
▼ + stars: | 2023-07-24 | by ( Kai Xiang Teo | ) www.businessinsider.com time to read: +2 min

Marc Andreessen championed AI as a personalized teaching tool for children in a podcast interview. In AI, children will have a partner "whose goal in life will be to make them as happy and satisfied and successful as possible," he said. Billionaire tech investor Marc Andreessen — who has long been bullish on the tech — thinks AI is a lifelong "ally" for the children of tomorrow as they both grow up together. Speaking on the Joe Rogan Experience podcast last Wednesday, Andreessen shared how he had introduced his 8-year-old son to the viral AI chatbot ChatGPT as an educational tool. One e-commerce CEO sparked outrage for laying off 90% of his support staff after an AI chatbot outperformed them.

Persons: Marc Andreessen, Marc Andreessen —, Joe Rogan, Andreessen, it's, Andreessen Horowitz, Wharton, Ethan Mollick Organizations: ChatGPT, Morning, Billionaire, Microsoft

☆ Washington's AI discussions are focused on beating China as part of a new Cold War, says Marc Andreessen
▼ + stars: | 2023-07-24 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +2 min

AI is shaping up to be a new Cold War with China, according to Marc Andreessen. The Silicon Valley veteran discussed US policymakers' plans on the Joe Rogan Experience podcast. Washington's leaders are determined that the US will beat China in a global race to dominate AI as a new Cold War takes shape, according to Marc Andreessen. Andreessen added that Washington's policymakers said not only do they need "American AI to succeed," but that they need to "beat the Chinese." Andreessen said Beijing's leaders "view AI as a way to achieve population control" because "they're authoritarians."

Persons: Marc Andreessen, Joe Rogan, a16z, Andreessen, Elon Musk Organizations: Silicon, China, Google, Microsoft, Meta, White, Representatives Locations: China, it's, Washington

☆ The real reason Marc Andreessen is urging billionaires to homeschool their kids
▼ + stars: | 2023-07-14 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Marc Andreessen told billionaires to homeschool their children at the Sun Valley conference. Legendary venture capital investor Marc Andreessen has used this week's Sun Valley conference to espouse the benefits of homeschooling. Musk and Zuckerberg have been been trading barbs online since Musk summoned Zuckerberg to a cage fight last month. Meanwhile, it's not the first time that Andreessen has called for more homeschooling. "It certainly feels like we're on the front end of a pretty dramatic homeschooling boom," Andreessen said.

Persons: Marc Andreessen, “ We’re, Puck's Dylan Byers, Peter Thiel, Andreessen, Elon Musk, Mark Zuckerberg, Byers, Musk, Zuckerberg, it's, Colossus, Andreessen Horowitz, Ben Horowitz Organizations: Sun, Morning

☆ Marc Andreessen throws his support behind an Elon Musk-Mark Zuckerberg cage fight in a talk with Peter Thiel
▼ + stars: | 2023-07-14 | by ( Will Gendron | ) www.businessinsider.com time to read: +4 min

Marc Andreessen, speaking on a panel with Peter Thiel, backed a Zuckerberg-Musk cage fight. Andreessen and Thiel also said, unrelated, that attendees should homeschool their kids. Billionaire investor Marc Andreessen is apparently rooting for Tesla's Elon Musk and Meta's Mark Zuckerberg to square off in a cage match. He and PayPal cofounder Peter Thiel also urged the event's attendees to homeschool their children, Puck reported. Representatives for both Andreessen and Thiel did not immediately respond to Insider's request for comment.

Persons: Marc Andreessen, Peter Thiel, Zuckerberg, Andreessen, Thiel, Elon Musk, Mark Zuckerberg, Puck's Dylan Byers, Andreessen Horowitz, Puck Organizations: Morning, Allen & Company, Allen, Co, Zuckerberg, New York Times, Thiel Locations: Sun Valley , Idaho, Idaho, Silicon

☆ Elon Musk and 'jacked' Mark Zuckerberg are great role models, Marc Andreessen says — and kids should learn to fight like the MMA-loving CEOs
▼ + stars: | 2023-07-14 | by ( Aaron Mok | ) www.businessinsider.com time to read: +4 min

Marc Andreessen wrote that Elon Musk and Mark Zuckerberg, who have embraced physical fighting, are good role models. The VC billionaire, who is trained in martial arts, argued that MMA teaches kids self respect. Tech moguls Elon Musk and Mark Zuckerberg may not just be inspiring to wannabe tech bros and billionaires. "I said, enthusiastically, yes," Andreessen wrote in his blog post. "Both Mark and Elon are top-end role models for children in our society, including my own – whether they end up fighting in the Colosseum or not!"

Persons: Marc Andreessen, Elon Musk, Mark Zuckerberg, Andreessen, Musk, Zuckerberg, Georges St, Pierre, John Danaher, Mark, Elon Organizations: VC, Morning, Tech, Elon, Facebook, Twitter, Sun, Tesla, Bureau of Labor Statistics, of Justice Statistics, UFC Locations: United States, Canadian

SummaryCompanies BT boss who spearheaded fibre roll-out to step downJansen simplified former monopoly, retreated from sportsShares nearly halved under his tenureLONDON, July 10 (Reuters) - BT (BT.L) Chief Executive Philip Jansen will step down within the next year, having set plans in motion for Britain's biggest telecoms provider to cut jobs, become leaner and complete the roll-out of a national fibre network. Jansen had informed BT's board of directors that he plans to leave at "an appropriate moment" within the next 12 months, BT said on Monday. Since early 2019, Jansen has steered BT through a crucial period in its 177-year-history, secured funding for a national fibre network for 25 million homes and businesses and handled the arrival of billionaire investor Patrick Drahi on the shareholder register. "We suspect investors will find this transition a little premature given the fruits of BT's fibre investments have still yet to be proven out," analysts at J.P.Morgan wrote in a client note. Analysts named BT's consumer brands boss Marc Allera and Allison Kirkby, a BT board member and chief executive of Sweden's Telia, as possible successors.

Persons: Jansen, Philip Jansen, BT's, Patrick Drahi, J.P.Morgan, Adam Crozier, Marc Allera, Allison Kirkby, Sweden's, Sarah Young, Kate Holton, Sharon Singleton Organizations: BT, Britain's, Discovery, Deutsche Telekom, Ofcom, Thomson Locations: France, United States, Portugal, Israel

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