UK enterprise telco Cable & Wireless Worldwide (CWW) has announced that Tim Weller will step down as CFO in July after less than a year in the role.
Deputy CFO Ian Gibson will be promoted to replace Weller, who will leave on 21 July to pursue new…
UK enterprise telco Cable & Wireless Worldwide (CWW) has announced that Tim Weller will step down as CFO in July after less than a year in the role.
Deputy CFO Ian Gibson will be promoted to replace Weller, who will leave on 21 July to pursue new challenges.
Both Weller and Gibson were appointed to their respective positions in May 2010, following CWW’s demerger from Cable & Wireless earlier in the year.
The sudden departure is likely to unnerve some investors.
In an investors note today, Liberum Capital analyst Mark James warned: “We believe this will be very poorly received. Mr Weller was, in our view, universally well regarded and only arrived at CWW last May.”
Liberum reiterated its ‘sell’ recommendation for the group.
Takeover speculation has surrounded CWW, and its counterpart Cable & Wireless Communications, since well before plans arose for their demerger in November 2009.
US telcos AT&T or Verizon, as well as Singapore’s SingTel, have all been in the frame as potential suitors for the group.
CWW declined to comment.
