Cable & Wireless CFO goes in restructure
Telecom to split into two divisions
The restructuring of Cable & Wireless into two divisions will result in
the departure of Charles Herlinger, the company’s finance director, in May.
Tony Rice, a non-executive director, will take on the new role of group
managing director and central and finance director.
C&W has been struggling lately after it issued a profit warning in late
January and said its 2006 earnings would be affected by several non-recurring
items, which had also affected results from previous years.
‘The task facing the executive directors over the past three years has been
neither straightforward nor easy and I would like to thank Charles Herlinger for
the tireless efforts he has made during his time as CFO,’ said Richard
Lapthorne, chairman of the group.