Telewest appoint new FD to lead restructuring
Mark Luiz, the chief operation officer of struggling telecom Telewest has been appointed new group finance director.
Link: Telewest FD gets bonus despite stock collapse
Luiz replaces Charles Burdick, who quit last month to become managing director of the company. The appointment of Luiz takes immediate effect and he is expected to guide the telecom through its imminent financial restructuring.
His role will entail keeping costs down as well as overseeing the operational side of the business such as sales and customer care.
Charles Burdick said: ‘As the company continues to focus on operational performance and financial control, Mark’s strong financial background will assist me in maintaining the financial discipline necessary in the coming months.’
Telewest owes its bankers £5.3bn. Talks are expected to begin shortly for bondholders to exchange their debt for shares in the company.