C&W readies for worldwide spin-off
Cable & Wireless is moving forward with the de-merging of its worldwide division, appointing CFO Tim Weller to help lead the new entity. Weller will join C&W Worldwide in May 2010 and also take a seat on the board of directors.
Cable and Wireless announced its intention to demerge the global business and list separately in November.
By the time Weller joins in May to finalize the senior management team, Cable & Wireless Worldwide is expected to have listed separately on the London Stock Exchange.
At launch C&W Worldwide will have raft of global clients, including BT, AT&T and France Telecom in addition to cash reserves of €552 million and a line of new credit facilities.
Cable&Wireless Worldwide CEO Jim Marsh said “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.”
Weller joins Cable&Wireless Worldwide from United Utilities Group where he has been CFO since July 2006.
“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,” Marsh added.