BT shares soared on Friday morning, after the group’s CEO Gavin Patterson announced his departure from the company.

Investors cheered the news of Patterson’s decision, which came about after shareholders made it clear they had little confidence in his ability to implement BT’s turnaround plan.

The new plan was unveiled just four weeks ago, designed to breathe new life into the company after it missed both profit and revenue guidance in March. The strategy includes 13,000 job cuts and a move out of BT’s central London headquarters, in order to cut costs amid growing competition.

BT’s chairman, Jan Du Plessis, said:

“The board is fully supportive of the strategy recently set out by Gavin and his team. The broader reaction to our recent results announcement has, though, demonstrated to Gavin and me that there is a need for a change of leadership to deliver this strategy.”

Patterson, who has been the group’s CEO since 2013, said it had “been an honour to lead BT since 2013 and serve as a member of the board for the last 10 years”.

Shares in BT rose by around 2 percent following the announcement.