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London (pte050/02.04.2003/16:56) - Ailing British telecoms provider Cable & Wireless (C&W) http://www.cw.com has new leadership. As announced by the company today, former head of the Italian firm Omnitel Francesco Caio is to become the new CEO. He will follow Graham Wallace, whose 'failed expansion strategy' led to his dismissal, which had become known in January. Wallace has agreed to step down immediately and leave the board on Friday http://www.cw.com/template_05.jsp?ID=mc_600apr0203 .
The British group is counting on new CEO Caio to put his "plentiful experience" in the telecommunications sector to good use. In addition to his leading role at Omnitel, he has been head of the Italian household device provider Merloni and founded Netscalibur. He will receive a basic yearly salary of 700,000 pounds with a maximum annual bonus of 150 per cent.
According to Cable & Wireless chairman Richard Lapthorne, Caio will take care of the company's customer relations around the world, as well as the development and implementation of new strategies. Former IBM and Motorola manager Kevin Loosemore will be responsible for daily business as COO. Both new managers are expected to bring C&W back on its feet - last November the company was forced to report a pre-tax loss of 4.43bn pounds for 2002.
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