Feeds

Shareholders block C&W chairman choice

Nash Trashed

  • alert
  • submit to reddit

Secure remote control for conventional and virtual desktops

ComputerWire: IT Industry Intelligence

Institutional investors have blocked the appointment of David Nash as the next chairman of Cable & Wireless Plc, and have forced the loss-making carrier to look for someone from outside the company.

Non-executive director Nash was due to become chairman at the end of this year. But after a meeting between directors and shareholders representing a "significant proportion" of the company's equity, he has decided to quit the board at the end of December.

Investors have been baying for boardroom blood since chief executive Graham Wallace's strategy of using cash raised from the sale of traditional telecoms businesses to become a major player in areas like web hosting left the company with massive losses.

Even though C&W was forced to scale back its international ambitions and ditch thousands of unprofitable customers earlier this month, investors remain skeptical about the company's claim that it will become free cash flow positive by March 2004. With net cash of 2.2bn pounds ($3.5bn), they believe that surplus funds should be returned to investors rather than used to fund continuing losses.

© ComputerWire

5 things you didn’t know about cloud backup

More from The Register

next story
6 Obvious Reasons Why Facebook Will Ban This Article (Thank God)
Clampdown on clickbait ... and El Reg is OK with this
Mozilla's 'Tiles' ads debut in new Firefox nightlies
You can try turning them off and on again
No, thank you. I will not code for the Caliphate
Some assignments, even the Bongster decline must
Banking apps: Handy, can grab all your money... and RIDDLED with coding flaws
Yep, that one place you'd hoped you wouldn't find 'em
TROLL SLAYER Google grabs $1.3 MEEELLION in patent counter-suit
Chocolate Factory hits back at firm for suing customers
Kaspersky backpedals on 'done nothing wrong, nothing to fear' blather
Founder (and internet passport fan) now says privacy is precious
Primetime precrime? Minority Report TV series 'being developed'
I have to know. I have to find out what happened to my life
Ex-IBM CEO John Akers dies at 79
An era disrupted by the advent of the PC
prev story

Whitepapers

Gartner critical capabilities for enterprise endpoint backup
Learn why inSync received the highest overall rating from Druva and is the top choice for the mobile workforce.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Rethinking backup and recovery in the modern data center
Combining intelligence, operational analytics, and automation to enable efficient, data-driven IT organizations using the HP ABR approach.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
Next gen security for virtualised datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.