9th Jun 2014 11:22
LONDON (Alliance News) - Cable & Wireless Communications PLC Monday said it has appointed a new Chief Financial Officer after a four-month hunt to replace Tim Pennington, who stepped down in February to join Millicom, a telecommunications and media company focused on Latin America and Africa.
In a statement, Cable & Wireless said that it has appointed Perley McBride, a former Chief Financial Officer of US company Leap Wireless International. He was part of the executive team that led the business through its acquisition by AT&T Inc, which was completed in March.
"We have set out our new strategy to return this business to growth, and Perley's knowledge and experience of both fixed and mobile operations will be crucial in delivering on this commitment. He has strong relationships with US investors and banks and a track record of improving operating efficiency," Chief Executive Phil Bentley said in a statement.
McBride will be paid USD600,000 a year, with a bonus worth up to 1.5 times that amount, depending on whether he meets a number of financial and personal performance targets. He will also be granted annual long-term inventive awards over shares worth double his salary. McBride will be required to build up a shareholding no less than three times his salary, said the company.
Shares in Cable & Wireless were trading 0.3% lower at 52.60 pence per share early Monday afternoon.
By Samuel Agini; [email protected]; @samuelagini
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