Cable & Wireless FD on brink
Problems with financial controls could see Herlinger lose role
The finance director of strugging telecom operator Cable & Wireless could
soon step down from his position, following the company’s second profit warning
in three months and growing concerns about the group’s financial controls.
Reports suggest that Charles Herlinger may soon follow in the footsteps of
former chief executive Francesco Caio after Cable & Wireless announced that
previously undisclosed non-recurring items of £70m would make up half its
earnings for the year to March.
Some forecasts had anticipated earnings to be twice as much as they may now
turn out to be.
The Financial Times suggested that Herlinger could be gone by the
end of February when the company is expected to publish an update to its plans
for the UK business, with further job cuts expected.