Prince will step down from the board on 1 December, but will remain with the company for an interim period to hand over his responsibilities.
He has been with C&W for more than 20 years, having joined in 1981.
Prince will be replaced by Charles Herlinger, who will join the group as chief financial officer and an executive member of the board with effect from 1 December 2003.
Herlinger is a chartered accountant in the UK and certified public accountant in the US with KPMG.
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