C&W chairman Pluthero seizes company helm
Telecoms giant Cable & Wireless Worldwide has announced that its chief executive Jim Marsh has resigned his position, effective immediately.
The company said that he will be replaced by chairman, John Pluthero, who confirmed that the firm will be ploughing more resources into its cloud computing services.
The embattled telecoms giant has struggled to reverse a downturn in its fixed line business over the last year, blaming a lack of available budget among its business customers as a result of ongoing uncertainty about the health of the global economy.
Cable & Wireless was split into two separate entities last year, Cable & Wireless Worldwide (CWW) which was headed by Marsh, and Cable & Wireless Communications (CWC).
The firm's local phone operations overseas including Panama, Macau and a number of former British colonies, were bundled together into CWC, while the UK-focused business, which also includes Pluthero’s former business Energis, became CWW.
However, since then CWW has issued no less than three profit warnings in the last 15 months, effectively halving its share price. Shareholders may be unhappy to learn that Marsh will leave C&W with a p[ayoff equal to a year’s salary, £650,000, while tough talking Pluthero, will receive an immediate £75,000 pay rise, despite also presiding over this dismal period.
In a statement Pluthero said: "Clearly it has been a very difficult 12 months and it is now important that we take the necessary steps to ensure the future growth of our business.
“I'll be looking to take a more radical approach to building on our hosting, cloud and data services business while becoming more competitive and efficient in the mature product areas. It has been easy to lose sight of what this business could be; it is my intention to reassert and realise that future."
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