10th Dec 2009 07:00
cable&wireless WORLDWIDE APPOINTS TIM WELLER AS CHIEF FINANCIAL OFFICER
10 December 2009: Cable&Wireless Worldwide today announces that it has appointed Tim Weller as its new Chief Financial Officer (CFO). Tim will join Worldwide in May 2010.
On 5 November 2009, Cable and Wireless plc announced its intention to demerge its Worldwide business. The appointment of a CFO for Worldwide is one more important step towards demerger and Tim will join the Worldwide Board of Directors.
Tim joins Cable&Wireless Worldwide from United Utilities Group PLC where he has been CFO since July 2006. During his time at United Utilities (UU) Tim has been instrumental in the strategic realignment of the Group through the divestment of some non-core activities and the restructuring of businesses culminating in the £1.8bn sale of United Utilities Electricity. He had board responsibility for the review of UU's capital structure including the return of £1.5bn to shareholders and played a key role in the regulatory price review leading to Ofwat's final determination on 26 November 2009 of prices for UU for the 2010 to 2015 period.
Prior to joining United Utilities, Tim was Group Finance Director at RWE Thames Water and also Group Finance Director at RWE npower (formerly Innogy Holdings, the FTSE 100 company). Tim started his career at KPMG and became Partner in the Infrastructure Audit and Accounting Group in 1997 before joining the Granada Group as Director of Financial Control leading the financial control function through the merger with Compass and the subsequent demerger of Granada Media.
Jim Marsh, Chief Executive Officer, Cable&Wireless Worldwide commented: "I'm delighted that Tim is joining Worldwide as our new CFO. This is an exciting time for us as we demerge from Cable and Wireless plc, and progress with our aim of becoming the market leader for mission critical communications.
"As we move forward to become an independent company, Tim's experience of leading finance in a listed company environment will enable us to drive financial performance and to ensure that we have the right operating and reporting structure in place to meet our future needs. Tim has an impressive combination of financial and operational expertise coupled with substantial corporate finance experience and is the right person to help us on the next stage of our journey; I look forward to welcoming him to the team."
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Contacts:
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CABLE&WIRELESS WORLDWIDE |
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Deborah Rodger |
Head of External Relations |
+44 (0)7747 770051 |
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C&W Press Office |
+44 (0)1344 818 888 |
Notes To Editors
About Cable&Wireless
Cable and Wireless plc is one of the world's leading international communications companies. It operates through two standalone business units - Worldwide and CWI.
The Worldwide business (formerly Europe, Asia & US) specialises in offering high quality communications services such as IP, data, voice and hosting to large enterprise, reseller and carrier customers. It operates globally, with core markets in UK, Asia and EMEA, and provides connectivity in 153 countries.
CWI is an owner and operator of leading regional telecoms businesses. Headquartered in London, it operates businesses through four regional operations the Caribbean, Panama, Macau and Monaco & Islands delivering world class service and efficiency. CWI is a full-service telecommunications provider offering mobile, broadband, and domestic and international fixed line services, as well as enterprise and managed service solutions. For more information about Cable&Wireless, go to http://www.cw.com
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