Cable & Wireless Names New CEO and COO

Cable & Wireless appointed Francesco Caio as its new CEO, replacing Graham Wallace. Caio formerly served as CEO and founder of Netscalibur and previously CEO of Omnitel and Merloni. Caio will be paid a base salary of £700,000 per annum, with a maximum annual bonus of up to 150% of salary, subject to meeting performance targets. In the first year he will be guaranteed a minimum bonus payment of £375,000 (54%), plus he will also receive a one-off payment of £375,000 that must be invested in Cable & Wireless shares, to be held for a minimum of three years. The company will provide a matching award of £375,000 in restricted shares vesting at the end of three years. The terms of Graham Wallace's departure remain under discussion. Cable & Wireless also named Kevin Loosemore to serve in the newly created position of COO. Loosemore previously was Regional President for EMEA of Motorola and formerly CEO of IBM UK.
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