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Cable & Wireless Says Chief Financial Officer To Step Down

Mon, 10th Feb 2014 12:18

LONDON (Alliance News) - Cable & Wireless Communications PLC Monday said it has started looking for a new chief financial officer because Tim Pennington will step down from the role February 11 before taking up the same role at another company.

"I have had a tremendous five and a half years at Cable & Wireless and CWC, during which we have reshaped the business. I am confident that the strategy the company is now pursuing will deliver success" Pennington said in a statement.

Cable & Wireless said Pennington's new job would be announced shortly. He will "remain available" to Cable & Wireless until early June, once the company has reported its full-year results.

It said its new CFO will be based in its new operating hub in Miami, Florida.

Cable & Wireless shares were down 1.3% to 52.8 pence Monday.

By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1