Jan Du Plessis, chairman, said the board was "fully supportive" of Patterson's strategy but added that the "borader reaction" to the recent results announcement demonstrated that there is a need of leadership to deliver the strategy.
BT announced a restructuring of the business where 13,000 jobs will be cut in a bid to £1.5 billion over the next three years with restructuring costs at £800 million.
Outgoing chief executive Mr Patterson said he was "immensely proud" of what the company has achieved, citing the launch of BT sport, its acquisition of EE and the agreement for a more independent Openreach.
Despite this, Mr Patterson managed to head off a threat to split BT's Openreach broadband division into a separate company.
In a surprise move the company said that it had already started the process of looking for his successor, and expected to appoint a new chief executive in the second half of the year.
Patterson said 15 months ago that BT had been taken aback by the flak it had received about the company's customer service and its networks, and he vowed that its millions of customers would see improvements. In his time, he has overseen a huge transformation of BT as it made a major expansion into television, principally with BT Sport which is now the exclusive home of the Champions League in the United Kingdom and has now expanded significantly its coverage of the Premier League.
BT shares, which have lost almost 40 percent of their value since Patterson took over, rose more than 2 percent in early trading, before giving up some of the gains by 1030 GMT.
In January last year, BT wrote down the value of its Italian unit by £530m after it said it had uncovered years of "inappropriate behaviour".
Mr Patterson will stay in his role until that time.
Laith Khalaf, a senior analyst at financial services firm Hargreaves Lansdown, noted that BT's share prices is at a six-year low, having since 2016 been "pretty much always on a downward trend and with a few nasty cliffs".
Analysts at UBS said the fact that the board supported the strategy suggested no significant strategic changes.