International chief, Harris Jones leaves C&W

Source: Exec Digital UK

Date :13/11/2007 13:54:47

Cable & Wireless today announced the surprise departure of Harris Jones, chief executive of its international division with immediate effect.

Mr. Jones, 45, will leave company towards the end of 2007 after a replacement has been found.

The departure means John Pluthero, who heads the Europe, Asia and US operations, will run all C&W's operations while a replacement international chief executive is found.

He goes with an incentive scheme worth £4.3 million and a year's salary of £600,000.

Under the original scheme Mr. Jones and Mr. Pluthero's bonuses were capped at £20 million, but this restriction was lifted – in the face of further investor anger – in July.

Splitting Divisions

It has been widely expected that the company will demerge the UK and international operations, but the group said this morning that it had no immediate plans to split the divisions into different companies.

"We are now at the stage where we need to accelerate the transformation of service and brand reputation, fuelling further growth in the value of International," Group chairman Richard Lapthorne said.

C&W shares climbed four pence to 184 pence this morning, due to a 29 percent increase in earnings to £284million for the six months to September 30.

Mr. Lapthorne denied this morning that Jones had fallen out with the rest of the company's board.

November 13, 2007