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C&W hires Worldwide CFO
11 December 2009
Cable & Wireless has hired a CFO for its UK-based Worldwide business, one of the two units into which the group will separate in 2010
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C&W
Cable & Wireless
Energis
CWI
United Utilities
Comment: Tim Weller, who will be CFO of what used to be Energis, with other parts of the old Cable & Wireless UK business added in, is a utilities man, which perhaps gives a picture of how C&W sees the business developing. He has worked in senior positions for the water and electricity industries for the past few years.
Cable & Wireless, the UK’s second-biggest fixed-line telecom company, has named Tim Weller as CFO of its Worldwide business. He will report to CEO Jim Marsh.
Weller will take up his new role in May after C&W splits its business into two companies. He will join the Worldwide business — which, despite its name operates mainly in the UK and is built largely of the former Energis business that Cable & Wireless acquired in 2005. Worldwide will have £500 million of cash and new banking facilities.
Until now, Weller has been working with United Utilities as CFO, and supervised the sale of non-core parts of the business, which includes the £1.8 billion sale of United Utilities Electricity. He had board responsibility for the review of United Utitlies’ capital structure, including the return of £1.5 billion to shareholders.
He has also worked with RWE’s Thames Water as CEO, RWE nPower as finance director and Granada Group as director of financial control.
The other part of C&W is CWI — Cable & Wireless International — which operates in the Caribbean, Africa, the Asia-Pacific and other locations. GTB