C&W Worldwide unveils another new chief executive
Cable & Wireless Worldwide (C&WW) has appointed a new chief executive, but its shares fell 20% on Tuesday as the firm announced a half-year loss and suspended future dividend payments.
The company has appointed former Vodafone executive Gavin Darby, replacing current chief executive John Pluthero after just five months.
C&WW reported a £433m half-year loss for the six months to 30 September.
The company was pushed into a loss after making write-downs of £624m.
Turnover fell to £1.07bn in the six month period, down from £1.12bn last year.
Cable & Wireless Worldwide specialises in supplying high-speed telecoms services to government bodies including local authorities and the police and fire services as well as larger businesses.
It has struggled in the face of the budget cuts imposed on government spending, the weakened economy and the split with its Caribbean telecoms arm in March.
Mr Pluthero took over the helm in June, after former chief executive Jim Marsh left after three profit warnings.
Mr Darby will join C&WW on November 28 on a salary of about £600,000 and a performance bonus of approximately the same amount.
Mr Pluthero will remain on the board until the end of 2011 and will stay with the business until March 2012.