BT poaches Virgin Media O2's finance chief
She had previously spent her career in various roles at Telefonica, Spain's former state telecoms monopoly, which owned O2. It became a joint venture partner in Virgin Media O2 with the US-listed cable specialist Liberty Global.
At BT, Ms Cobian is set to play a crucial role in managing the company's relationship with its massive pension scheme, which at the last triennial valuation had Liabilities of £41bn and a funding deficit of £3.7bn. BT has agreed to pay £600m a year until the end of the decade to help close the shortfall.
The company's other big bill is its multibillion-pound annual investment in replacing its ageing copper telephone network with faster and more reliable fibre-optic broadband lines.
The £15bn programme is scheduled to cover 25 million premises by the end of next year and its massive cost has contributed to a long slump in BT's share price.
With the end of the heaviest expenditure on the horizon and deep cost-cuts pledged, Ms Kirkby has overseen an increase in the company's stock of more than a third so far this year.
Investors led by the Indian billionaire Sunil Bharti Mittal, a 24.5pc shareholder, are betting on strong returns as households switch to the new fibre-optic network and regulators allow BT to price broadband higher.
Ms Cobian's defection leaves Virgin Media O2 seeking new financial leadership at a tricky time.
The socialist Spanish government last year became the biggest shareholder in Telefonica and effectively ousted its leadership, installing new executives who have ordered a strategic review at Virgin Media O2.
It has been reported that the move could lead to a deal to buy out Liberty Global. In the meantime it has delayed moves to tackle Virgin Media O2's heavy debts.
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