Stockholm-listed Millicom has appointed Tim Pennington as its new CFO, who will take over from interim finance head Marc Zagar.
Pennington resigned his position as CFO of Cable & Wireless Communications (CWC) yesterday and will step down from the board…
Stockholm-listed Millicom has appointed Tim Pennington as its new CFO, who will take over from interim finance head Marc Zagar.
Pennington resigned his position as CFO of Cable & Wireless Communications (CWC) yesterday and will step down from the board today.
However, he will remain available to CWC until after its year-end preliminary financial results in early June, after which he will join Millicom.
Pennington’s departure comes as CWC’s senior management is moving to Miami to be nearer the so-called ‘pan-America’ region of the Caribbean and Central America where almost all of its operations lie. Pennington will be based in London in his new post.
Prior to his role at CWC, he was group finance director at its larger predecessor Cable and Wireless. Pennington is credited with playing a key role in the 2010 demerger that split the company into multinational operator CWC and enterprise-facing telco Cable & Wireless Worldwide (CWW).
He was also CFO of Hutchison Telecommunications International, finance director of Hutchison’s British mobile operations. Before that he was a director in the specialised financing department at Samuel Montagu & Co, and an MD at HSBC Investment Bank within its corporate finance and advisory department.
Commenting on the appointment, Millicom’s CEO Hans-Holger Albrecht said: “I am delighted that we have been able to appoint someone with a depth of international and sector experience combined with detailed knowledge of corporate finance.”
Meanwhile interim CFO Marc Zagar has been appointed deputy CFO. Zagar was executive vice president of controlling and analytics, but began acting in the CFO role after Francois-Xavier Roger resigned last August. Roger left to join Japanese pharmaceutical company Takeda.
As part of the management shake-up, the current head of investor relations Justine Dimovic will become group treasurer and director of corporate finance.
Nicolas Didio will join the company on 1 April to fill her role, departing BNP Paribas Investment Partners where he was an investment analyst in telecoms. Prior to that post, Didio had been a vice president at Exane BNP Paribas covering telecoms and media.
Millicom is focused on emerging markets and operates in 15 countries across Latin America and Africa. While it has operations in Central America it does not compete with CWC in any national markets at present.
Millicom is headquartered in Luxembourg but also has a London office. It is listed on the Nasdaq OMX Stockholm and generated revenue of US$5.16bn and EBITDA of US$1.9bn last year.
