Cable & Wireless CFO Tim Pennington Steps DownVinicy Chan and Amy Thomson
Cable & Wireless Communications Plc Chief Financial Officer Tim Pennington is stepping down from the fixed and mobile broadband services provider.
The company said in an statement that it had started the search for a replacement to the 53-year-old executive. His departure was earlier reported by Bloomberg News. Cable & Wireless publishes its third-quarter results tomorrow.
Pennington decided to leave before the company’s move to Miami from London, and has taken a new position in London, a person familiar with the situation said. Cable & Wireless was formed in 2010 in a company split that created Cable & Wireless Communications and Cable & Wireless Worldwide. The latter was acquired by Vodafone Group Plc in 2012.
Pennington oversaw the reorganization, cutting expenses and brokering sales of businesses in the Maldives, Channel Islands, Isle of Man and Macau to focus on the Latin American and Caribbean markets.
Cable & Wireless also lost Chief Executive Officer Tony Rice because of the Miami move last year. Rice was replaced by British Gas Managing Director Phil Bentley on Jan. 1, who is based in the new office. The company said it signed an agreement to lease office space in Miami in July.
Pennington joined Cable & Wireless as CFO before the split in 2008. Before that, he was CFO of the telecommunications unit of Li Ka-Shing’s Hutchison Whampoa Ltd. and finance director of Hutchison’s U.K. mobile operator Three.
Cable & Wireless Communications has dropped about 5 percent in London trading this year through Feb. 7, after a 59 percent increase in 2013. The shares traded 1.3 percent lower at 52.8 pence at 12:15 p.m. in London, giving the company a market value of 1.3 billion pounds ($2.1 billion).