Sir Michael Rake, KPMG International's current chairman will be succeeding Sir Christopher Bland as British Telecom chairman in September 2007. Sir Michael is 59 years old and been with KPMG for 33 years.
Now, the interesting part of this transition is that Sir Michael will take a huge pay cut from £3.6 million in 2006 down to Sir Christopher's basic salary of £500,000 plus pension contribution of £32,000. That's almost a 75% decrease...
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