The assumption must be that since BT was unable to announce an internal replacement for Sir Peter yesterday, Sir Christopher has must have decided that only an outsider will do.On that front at least, it's hard to disagree. What's required is a determined cost cutter and free thinker, and such people are rarely readily available from inside an organisation. BT has already attracted two venture capital bids, though quite how real they were is hard to judge The thought process is none the less logical enough. Despite growing competition, BT still has a substantial and relatively predictable revenue stream.

Throw off the unnecessary costs, stabilise the business, pay off the debt, get rid of the grand ambitions and what's left should be a nice little earner for some years to come. It's just nothing like the global colossus Sir Peter had set his heart on running.j.warner independent.co.uk. Throughout the past decade Carol Galley enjoyed an unparalleled reputation both as a pension fund manager with the Midas touch and as a formidable woman in her own right. Now the most powerful woman in the City risks having her mythical reputation exploded in open court. Throughout the past decade Carol Galley enjoyed an unparalleled reputation both as a pension fund manager with the Midas touch and as a formidable woman in her own right. Now the most powerful woman in the City risks having her mythical reputation exploded in open court. In a 30-year career in the Square Mile Ms Galley, 53, has amassed a personal fortune estimated at £100m. She seemed to be heading for a glittering exit when she announced in March that she was to retire from full-time work in December, to consider how to spend it.

But the court battle between Unilever, the consumer products giant, and her employer, the US financial services group Merrill Lynch, could raise an ugly cloud over her leaving.Unilever is accusing Ms Galley and her team at Merrill Lynch Investment Management of negligence in managing its pension fund in the 15 months up to March 1998 It seeks £130m in compensation. In the preceding nine years, Ms Galley had delivered stellar returns for the fund which she managed at Mercury Asset Management, a firm Merrill Lynch bought in 1997. Unilever is out to show Ms Galley lost her magic touch at the same time.Ms Galley enters the witness box next week She is more used to firing questions than answering them. Chief executives live in fear of her telephone calls, but never dare to ignore them. She is of the "value" school of fund management, building big stakes in underperforming companies in anticipation of recovery or, better still, a bid.