Can Graham Wallace Get Cable & Wireless Untangled?

The new CEO may spin off pieces to pay for global ambitions

Graham Wallace became chief executive of Cable & Wireless PLC just two months ago, but he knows what's right and wrong with the 125-year-old British company. On the plus side, it's smack in the middle of the world's hottest industries, with stakes in phone, cable, wireless, and Internet operators in more than 80 countries. The problem is that C&W seems unable to exploit those strengths, and that's turning off investors. By most analysts' estimates, C&W's stock is trading at more than a 25% discount to its breakup value.

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