The London market opened sharply lower, amid confirmation that telecoms giant BT is looking for a replacement for its respected finance director.
The firm said that finance boss Tony Chanmugam, who first took up his post in 2008, “may step down later this year”.
The FTSE 100 Index fell 53.3 points to 5795.3, after top flight shares fell by 50 points on Friday as strong US jobs data raised the prospect of an American rate hike.
Global markets have suffered a torrid start to the year, due to a slowdown in emerging markets and oil price falls.
The London market is down some 7% since the start of January.
BT was down more than 1%, or 7p to 469.3p, after it confirmed it had begun a search to replace Mr Chanmugam.
It added: “BT confirms that a search process has commenced to find a successor but that no formal decision has been taken on a replacement or around the potential timing of any change.”
Elsewhere, Tool rental firm Speedy Hire said it had agreed to buy rival OHP, as it seeks to expand its presence in the rail market.
Merseyside-based Speedy Hire said it would buy OHP, based in Crewe, for an initial fee of £1.5 million, and take on around £1.7 million in debt.
Shares jumped 8%, or 3p to 39.8p.
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