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| C&W Worldwide unveils another new chief executive | C&W Worldwide unveils another new chief executive |
| (4 days later) | |
| Cable & Wireless Worldwide (C&WW) has appointed a new chief executive, but its shares fell 20% on Tuesday as the firm announced a half-year loss and suspended future dividend payments. | Cable & Wireless Worldwide (C&WW) has appointed a new chief executive, but its shares fell 20% on Tuesday as the firm announced a half-year loss and suspended future dividend payments. |
| The company has appointed former Vodafone executive Gavin Darby, replacing current chief executive John Pluthero after just five months. | The company has appointed former Vodafone executive Gavin Darby, replacing current chief executive John Pluthero after just five months. |
| C&WW reported a £433m half-year loss for the six months to 30 September. | C&WW reported a £433m half-year loss for the six months to 30 September. |
| The company was pushed into a loss after making write-downs of £624m. | The company was pushed into a loss after making write-downs of £624m. |
| Turnover fell to £1.07bn in the six month period, down from £1.12bn last year. | Turnover fell to £1.07bn in the six month period, down from £1.12bn last year. |
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| Cable & Wireless Worldwide specialises in supplying high-speed telecoms services to government bodies including local authorities and the police and fire services as well as larger businesses. | Cable & Wireless Worldwide specialises in supplying high-speed telecoms services to government bodies including local authorities and the police and fire services as well as larger businesses. |
| It has struggled in the face of the budget cuts imposed on government spending, the weakened economy and the split with its Caribbean telecoms arm in March. | It has struggled in the face of the budget cuts imposed on government spending, the weakened economy and the split with its Caribbean telecoms arm in March. |
| Mr Pluthero took over the helm in June, after former chief executive Jim Marsh left after three profit warnings. | Mr Pluthero took over the helm in June, after former chief executive Jim Marsh left after three profit warnings. |
| Mr Darby will join C&WW on November 28 on a salary of about £600,000 and a performance bonus of approximately the same amount. | Mr Darby will join C&WW on November 28 on a salary of about £600,000 and a performance bonus of approximately the same amount. |
| Mr Pluthero will remain on the board until the end of 2011 and will stay with the business until March 2012. | Mr Pluthero will remain on the board until the end of 2011 and will stay with the business until March 2012. |