The CFO of the UK enterprise telco Cable & Wireless Worldwide (CWW) threatened to quit after the board ignored his advice to lower the profit guidance on a trading statement, according to media reports.
Citing a report in the Times newspaper, Dow Jones…
The CFO of the UK enterprise telco Cable & Wireless Worldwide (CWW) threatened to quit after the board ignored his advice to lower the profit guidance on a trading statement, according to media reports.
Citing a report in the Times newspaper, Dow Jones newswires reported yesterday that CFO Tim Weller had advised the board to lower its profit guidance ahead of a positive trading statement.
CWW said it would not comment on press speculation.
Weller’s departure from the company was announced on 11 March.
In a statement, the company said that he would be leaving his job on 1 July “to pursue new challenges”.
On 17 February, CWW released an interim management report that stated that the company expected “continues to trade in line with expectations” in the current year.
Yet a month later on 24 March, the company released a pre-close statement showing that it expected its “EBITDA in 2011/12 to be at the same level as 2010/11”.
It reiterated its belief that the business continued to trade in line with expectations in 2011.
But the company’s share price reportedly fell by 15% after the statement was released.
The company said that it intended to promote the company’s deputy CFO, Ian Gibson, to take over from Weller, although this was subject to a full external benchmarking process.
