15 November 2011: The Board of Cable&Wireless Worldwide announced today the appointment of Gavin Darby as Chief Executive Officer. Gavin will join the company and Board on 28 November 2011.
Gavin has had a successful career in telecommunications and FMCG businesses, most recently with Vodafone PLC where, as UK CEO he improved the margin, cash flow and overall profitability of the UK business, before growing the international business of Vodafone as CEO responsible for the USA, Africa, India and China. Prior to Vodafone, Gavin spent 15 years at Coca-Cola culminating in two Regional President roles with responsibility for 30 European countries.
John Barton, Chairman, Cable&Wireless Worldwide said: “Gavin will provide the longevity of leadership, energy and fresh insight needed by Cable&Wireless Worldwide for the future. We are delighted to have secured such a high quality candidate to lead the business into the next phase of its development. Gavin’s industry experience, drive, enthusiasm and commitment to customers along with his proven leadership skills will enhance the business significantly. The Board and I look forward to working with him.”
John Pluthero will step down from the Board in December 2011 but remain with the company until March 2012 in order to affect an orderly handover of responsibilities to Gavin.
John Barton, Chairman, Cable&Wireless Worldwide said: “I would like to thank John Pluthero for his continuing commitment to the business. John has been fully involved in the recruitment process for a new CEO and will remain with the business to ensure an effective handover to Gavin.”
John Pluthero, Chief Executive, Cable&Wireless Worldwide said: “I am pleased that Gavin has been appointed as my successor. Cable&Wireless Worldwide is a strong business with enviable assets and customers. I am confident that Gavin will be successful in leading the business going forward.”
Gavin Darby said: “I am honoured to undertake the challenge of leading Cable&Wireless Worldwide. I am very excited by the prospects of returning the business to profitable growth and working with colleagues, customers and suppliers to realise the significant potential within the business.
“I look forward to working with the Board and the management team to drive the next phase of the development of Cable&Wireless Worldwide.”
~ends~
NOTES TO EDITORS
About Gavin Darby
Between 2001 and 2010, Gavin Darby worked at Vodafone PLC. Initially he worked in the UK as Chief Operating Officer, and subsequently as Chief Executive Officer of Vodafone UK. In 2004, he was appointed CEO for Vodafone’s joint ventures and investments outside Europe, including Africa, USA, China and India.
Between 1984 and 2001, Gavin worked at the Coca-Cola Company in a variety of international executive positions, culminating in two Regional President roles with responsibility for 30 European countries.
He was a Non Executive Director for Intertek PLC between 2009-2011 and has served on telecommunications public company Boards in India, South Africa, Kenya and Hong Kong, as well as five years on the Board of Verizon Wireless in the USA.
He is 55 years old and married with three children.
Key Compensation notes
Gavin Darby’s compensation arrangements include an annual salary of £600,000 and a discretionary annual bonus of up to a maximum of 100% of salary. It is intended to award him shares with a current market value of c.£600,000 on joining the company which will only be released upon achievement of appropriate performance criteria; and up to a further c.£300,000 worth of shares to match (on a one-for-one basis) shares which he purchases in the company shortly after joining. In both cases shares will vest three years after award. Going forward, he will receive an annual award of performance shares with a value of up to two times his basic salary.
John Pluthero will leave the business in March 2012. He has elected not to receive any compensation or other entitlement on departure and will forfeit all his share incentive awards, with the exception of a share option award made to him by Cable and Wireless plc in 2006 which vested prior to the company’s demerger from that company. That option related to 1.14m Cable and Wireless plc shares and will become exercisable if the price of Cable & Wireless Worldwide plc’s shares when combined with that of Cable & Wireless Communications Plc reaches £1.074. The option will lapse if not exercised before March 2013.
Contacts:
Matt Hotson
Cable&Wireless Worldwide
Director, Investor Relations and Corporate Affairs
+44 (0)7822 873 039
matt.hotson@cw.com
James Melville-Ross
FTI Consulting
+44 (0)7909 684 467
About Cable&Wireless Worldwide
Cable&Wireless Worldwide (LSE: CW.) is a global telecoms company providing a wide range of high-quality managed voice, data, hosting and IP-based services and applications to large multinational companies, governments, carrier customers and resellers across the UK, Asia Pacific, India, Middle East & Africa, Continental Europe and North America. Established in the 1860s, Cable&Wireless Worldwide helps more than 6,000 organisations deliver their goals. The Group’s vision is to be the first choice for mission critical communications.
Reaching 20,500km in length, Cable&Wireless Worldwide owns the UK’s largest fibre network dedicated to business users of telecoms, and provides ubiquitous nationwide access through a combination of fibre, digital, microwave, radio and leased circuits. The network has presence in over 400 towns and cities in the UK, with 864 unbundled exchanges covering 56% of the population.
Internationally, Cable&Wireless Worldwide’s global next-generation network (NGN) stretches to more than 425,000km, including interests in 60 global cable systems, enabling connectivity to more than 150 countries. The Group’s IP-based Multi-Service Platform operates at the core of our NGN, offering a single environment on which voice and data applications can be converged to drive business efficiencies. Cable&Wireless Worldwide’s network is uniquely designed with inbuilt resilience.
With more than 6,000 colleagues globally, Cable&Wireless Worldwide is committed to delivering exceptional customer service and developing long term partnerships with its customers.
To find out more, visit www.cw.com
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